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Layer 2 scaling network Polygon has announced a new Community Grants Program, with 1 billion POL tokens (rebranded from the current MATIC) allocated to ecosystem developers over the next ten years.
Polygon Labs revealed on Tuesday that its program is now available. Polygon Labs said in a technology/blog/1-billion-unlocked-over-decade-in-community-grants-program-for-polygon-builders” target=”_blank” rel=””>blog entry: “Following community consensus, the Community Treasury was created, with 1 billion POL unlocked in 10 years, with ~100 million POL per year, all for builders.”
Consequently, Season 01 of the program is now open, with 35 million MATIC scheduled to be distributed to projects built on the L2 network. At current MATIC prices, that's around $23 million to benefit builders looking to expand the Polygon ecosystem.
The distribution of the funds corresponds to “the neutral Community Treasury Board,” the platform announced.
Polygon will also follow an open, community-aligned funding model, with professional grant allocators helping to allocate Season 01 funds.
Who is eligible?
Projects that want to benefit from the subsidy program must meet at least two conditions:
First, they must be building on Polygon or, if not, be willing to migrate their projects to the blockchain platform. It is also important that projects are oriented toward long-term construction.
Polygon has opened two pathways for project participation: the “General Grants Pathway,” aimed at builders looking for developer tools and infrastructure on Polygon.
Meanwhile, the “Consumer crypto Track” will focus on consumer-centric projects, including gaming, decentralized social networks, gamified commerce, ai/blockchain integration, and nft innovations.
Why the Community Grants Program?
According to Polygon Labs, the main goal of CGP is to support developers. The best time to do this is while they are being built, shortly after the projects come online.
“Waiting until a project is finished being built and producing results overlooks a key piece of true innovation: the opportunity to take risks. With Polygon CGP, dynamic early-stage builders can get the financing they need when they need it,” Polygon Labs wrote in the blog post.
Applications for season 01 opened today, June 11, and will close on August 31, 2024.
