Polygon has announced a new Community Grants Program that will provide ecosystem developers access to one billion POL tokens over the next ten years.
On Tuesday, Polygon Labs announced that its program is now operational. According to a blog post from Polygon Labs:
“Following community consensus, the Community Treasury has been created, with 1B POL unlocked over 10 years, with ~100M POL per year—all for builders.”
As a result, Season 01 of the initiative is live, and projects developing on the L2 network will receive 35 million MATIC. That’s almost $23 million, at today’s MATIC values, that will help builders who want to grow Polygon’s ecosystem.
The platform said that “the neutral Community Treasury Board” will distribute the money. Additionally, Polygon will use an open, community-based funding methodology, with qualified grant allocators assisting in the distribution of the Season 01 monies.
Who is qualified?
In order to qualify for funding from the program, projects must fulfill a minimum of two requirements: First, they have to be developing on Polygon, or else they have to be prepared to move their projects to the blockchain. The projects’ need to be in the long-term construction business is also crucial.
Polygon has made two new project paths available. The first, called the “General Grant Track,” is intended for builders interested in Polygon’s infrastructure and development tools.
On the other hand, the “Consumer Crypto Track” will concentrate on consumer-oriented ideas, such as gamified commerce, decentralized social, gaming, blockchain/AI integration, and NFT developments.
Why the Community Grants Program?
Polygon Labs states that the main goal of CGP is to assist developers. As they build, or shortly after a project is online, is the ideal moment to do this. Polygon Labs wrote in the blog post:
“Waiting until a project has finished building and produces results misses a key piece of true innovation: The opportunity to take chances. With Polygon CGP, dynamic early-stage builders can get the funding they need when they need it”
The deadline to submit an application for Season 01 is August 31, 2024; it opened today, June 11.
