Polygon commits 35 million MATIC to foster projects based on its network

Polygon has presented Season 01 of its Community Grants Program to reinforce the projects that are developed within the Polygon and ethereum ecosystems.

According to a press release shared with crypto.news, starting June 11, the project will allocate 35 million MATIC to developers working at Polygon.

For the first season, funds would be distributed in MATIC due to the network's ongoing token upgrade to POL. Subsequently, future grants will be distributed in POL.

For projects to be eligible, they must be built on Polygon or be willing to migrate to the network. One of the goals of the grant is to ensure a long-term commitment to the network.

Grant approval would have an average turnaround time of four weeks and applications would be reviewed on a rolling basis. Each project can obtain between 5,000 and more than 50,000 MATIC in financing.

In the first season, up to 35 million MATIC will be injected into the network. Grant payments would be scheduled for the first of each month after approval.

The applications would be classified into two, namely General Grant Track and Consumer crypto Track.

The general grant route would be applicable to a wide range of projects and has no major limitations.

“For anyone, anywhere, building anything at Polygon, this is for you,” the ad said.

Projects in this category would focus on key areas such as developer tools, protocol infrastructure, and decentralized applications (dApps).

The consumer cryptocurrency track, on the other hand, will focus on projects that drive consumer cryptocurrency adoption. Key areas of focus include gaming, gamified commerce, decentralized social platforms, ai/blockchain integrations, nft innovations, etc.

This categorization streamlines the application process and ensures that appropriate support is provided to each applicant.

All allocations would be overseen by the Community Treasury Board, an independent body in charge of the allocation of Community Treasury funds. The board was technology/blog/introducing-the-polygon-community-treasury-board-and-a-proposed-framework-for-community-treasury-governance” target=”_blank” rel=””>introduced in Aprilwith proposed members including Quickswap founder Roc Zacharias, Coinbase Wallet creator Peter Kim, and David Gogel of the dYdX foundation.

The board will be responsible for conducting monthly reviews of the projects selected for the grant.

The Community Treasury will allocate approximately 100 million POL annually over a period of ten years, for a total of 1 billion POL.

Several projects have already received funding from Polygon. Notable names include QuickSwap, a decentralized exchange on Polygon, which technology/blog/polygon-extends-1-million-grant-to-quickswap-to-boost-liquidity-on-the-platform” target=”_blank” rel=””>received a $1 million grant in 2021.

Polygon's community grant program comes days after it acquired blockchain startup Toposware. With this acquisition, the entity behind MATIC intends to promote its development of Zero Knowledge.