Polygon launches new grants program with 1 billion POL

Polygon, a layer-2 scaling network, has announced a new community grants program that will allocate 1 billion POL tokens (now a rebrand of MATIC) to ecosystem developers over the next 10 years.

Polygon Labs said on Tuesday that its program is now live. Blog Post: “As per the community agreement, a community treasury will be created with POL 1 billion unlocked over 10 years, with approximately POL 100 million per year, all for builders.”

Accordingly, Season 01 of the program is now underway, with 35 million MATIC set to be distributed to projects building on the L2 network. At the current MATIC price, this will generate approximately $23 million in profits for builders looking to expand Polygon’s ecosystem.

The platform announced that the distribution of funds would be handled by a “neutral community finance committee.”

Polygon will also follow an open, community-aligned funding model, with professional grant allocators helping allocate Season 01 funds.

Who is eligible?

Projects that benefit from the grant program must meet at least two criteria:

First, you must be willing to build on Polygon or otherwise migrate your project to a blockchain platform. It is also important that your project must be a long-term building venture.

Polygon has opened two avenues for participating projects: The first, the “General Grant Track,” is aimed at builders looking to leverage Polygon’s development tools and infrastructure.

Meanwhile, the “Consumer Crypto Track” will focus on consumer-centric projects including gaming, decentralized social, gamified commerce, AI/blockchain integration, and NFT innovation.

What is the Community Grants Program?

According to Polygon Labs, the primary goal of CGP is to support developers, and the best time to do this is early in a project’s life, while developers are still working on it.

“Waiting until a project is complete to see results misses out on a key component of true innovation: opportunity. With Polygon CGP, dynamic early-stage builders can get the funding they need, when they need it,” Polygon Labs wrote in a blog post.

Applications for Season 01 open today, June 11th, and close on August 31st, 2024.

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