Polygon, the layer-2 scaling network, has recently launched a Community Grants Program with 1 billion POL tokens allocated to ecosystem developers over the next ten years. The program, unveiled by Polygon Labs, aims to support builders looking to expand the Polygon network. The Community Treasury has been created, with approximately 100 million POL tokens unlocked each year for ten years. Season 01 of the program is now open, with 35 million MATIC tokens set for distribution to projects building on the L2 network. This amounts to approximately $23 million in funds available for developers.
Distribution of the funds will be overseen by the neutral Community Treasury Board, ensuring a fair allocation to deserving projects. Polygon will adopt an open and community-aligned funding model, with professional Grant Allocators assisting in distributing the Season 01 funds. Projects seeking to benefit from the grants program must meet certain criteria, including being built on Polygon or being willing to migrate to the platform. Additionally, the projects must demonstrate a long-term vision for their development.
Polygon has created two tracks for participating projects in the Community Grants Program. The “General Grant Track” targets developers focusing on developer tooling and infrastructure on Polygon, while the “Consumer Crypto Track” is geared towards consumer-focused projects such as gaming, decentralized social platforms, gamified commerce, AI/blockchain integration, and NFT innovations. The program aims to support early-stage builders by providing funding at crucial stages of their development, rather than waiting until projects are live and producing results.
The primary objective of the Community Grants Program, according to Polygon Labs, is to support developers during the building phase of their projects. By offering funding at an early stage, developers have the opportunity to take chances and innovate without financial constraints. The program aligns with Polygon’s commitment to fostering a vibrant and diverse ecosystem on its network. Applications for Season 01 of the program opened on June 11 and will remain open until August 31, 2024.
In conclusion, the Community Grants Program by Polygon offers a significant opportunity for developers to receive funding and support for their projects on the Polygon network. With 1 billion POL tokens allocated over the next decade, the program aims to encourage innovation and growth within the ecosystem. By providing funds at an early stage of development, Polygon aims to support builders and creators in realizing their vision for projects on the L2 network. Developers interested in participating in the program can apply for Season 01 until August 31, 2024.
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