Polygon has created a Community Treasury worth approximately $720 million. Noteworthy, the treasury is a product its ecosystem’s consensus as a long-term, community-first, and sustainable solution for continued support and development across the Polygon blockchain.
Polygon Allocation to The Grants Program
The fund is focused on catering to blockchain projects for ten years. The fund unlocks a total of 1 billion Polygon ecosystem tokens (POL) with 100 million going to builders each year. Precisely, the initiative is designed to support developers within the Polygon (MATIC) and Ethereum (ETH) ecosystems.
For a start, 35 million MATIC tokens valued at about $25 million will be allocated to the first season of the Community Grants Program (CGP). This particular season delivers the General Grant Track and the Consumer Crypto Track, two tracks that are designed for builders. As the name implies, the General Grant Track is meant for anyone without any sort of restrictions.
While anyone can participate in the General Grant Track, participants must be eligible especially as Polygon is “keen to see a few focus areas.” The focus area in this case includes Decentralized Applications (DApps), developer tooling and libraries, and protocol infrastructure.
Accessing the Polygon Community Grants Program
About the Consumer Crypto Track, Polygon Community Treasury board member Ajit Tripathi noted that “Season 01 welcomes all project types through its general grants track and features a dedicated ‘consumer crypto’ track.”
“This track aims to support developers, creators, and entrepreneurs focused on innovative blockchain-based applications for everyday users,” Tripathi added.
Applications are currently being accepted for the Community Grants Program. It was opened on Tuesday, June 11, and will run through to Saturday, August 31, 2024. All interested developers must have projects built on or be willing to migrate to the Polygon blockchain. Furthermore, these projects must demonstrate a level of viability.
Eligible projects will receive grants ranging from as 5,000 to over 50,000 MATIC, with the Community Treasury Board overseeing the selection process.
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