In a recent announcement, Polygon has revealed its plans to enhance its ecosystem through the launch of its Community Grants Program (CGP), which will allocate 35 million MATIC tokens for the first season. The goal of this initiative is to support new projects developed on both the Polygon and Ethereum networks.
Polygon is set to fund new crypto projects through its Polygon 2.0 platform, the next iteration of its Layer 2 network. The platform is designed to offer unlimited scalability and seamless information exchange through its Value Layer. Additionally, the native token, POL, was introduced on the Ethereum network on October 25, 2023. While MATIC holders have the option to exchange their tokens for POL at a 1:1 ratio, there is no immediate need for users, validators, or app developers to make this swap. Staking and gas fees on the Polygon network will continue to be conducted using MATIC for now.
To drive the growth of Polygon 2.0, the Community Treasury will unlock 1 billion POL over the next decade, distributing approximately 100 million POL annually to developers. However, due to the transition period from MATIC to POL, grants for Season 01 of the program will be awarded in MATIC tokens. The focus of the first season of the CGP is to provide early-stage funding to support innovation and expansion. An independent Community Treasury Board will oversee the grants, ensuring transparency and community alignment. The program will feature an open, community-aligned funding framework with professional Grant Allocators distributing a portion of the funds.
The application window for Season 01 of the CGP will be open from June 11, 2024, to August 31, 2024. Projects seeking funding can apply for grants ranging from 5,000 to over 50,000 MATIC, with a total allocation of up to 35 million MATIC for the season. To be eligible for funding, projects must be developed on or migrated to Polygon and demonstrate a commitment to long-term development. Polygon Labs expressed their gratitude to the builders who have contributed to the success of the platform over the years, stating that developers are at the core of Polygon’s achievements and advancements in global innovation.
In conclusion, Polygon’s Community Grants Program marks a significant step in supporting the growth of new projects on the Polygon and Ethereum networks. With a focus on innovation and community alignment, the program aims to provide early-stage funding to fuel the development of projects on the Polygon 2.0 platform. As the application window for Season 01 opens, developers are encouraged to apply for grants to support their projects and contribute to the continued success of the Polygon ecosystem.
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