PolygonThe layer-2 network has launched a Community Grants Program. 1 billion POL Tokens (rebranding of the current MATIC tokens) will be allocated over the next 10 years to eco-system developers.
Polygon Labs confirmed on Tuesday the program has now gone live. Polygon Labs stated in a blog post: “Following community consensus, the Community Treasury has been created, with 1B POL unlocked over 10 years, with ~100M POL per year—all for builders.”
As a result, the Season 01 program, which will distribute 35,000,000 MATIC to L2 Network projects, is now officially open. With current MATIC pricing, about $23,000,000 will be distributed to builders to help expand Polygon’s ecosystem.
The funds are distributed by “the neutral Community Treasury Board” Platform announced
Polygon also follows an open and community-aligned model of funding, with Grant Allocators assisting in the distribution of funds for Season 1.
Who can apply?
Two conditions must be met by projects that wish to receive funding from this program.
First, the projects must build on Polygon, or, if they do not, willingly migrate to the Blockchain platform. It is also important that projects are built for the long-term.
Polygon has opened two avenues for participating projects – the “General Grant Track,” Polygon is a great platform for developers to access infrastructure and tools.
The Movie “Consumer Crypto Track,” Will focus on consumer focused projects including decentralized social, gaming, AI/blockchain, and NFT innovation.
What is the Community Grants Program all about?
CGP, according to Polygon Labs’ primary goal is to help developers. This is the best time to implement this, as developers are developing and not too long after the projects have gone live.
“Waiting until a project has finished building and produces results misses a key piece of true innovation: The opportunity to take chances. With Polygon CGP, dynamic early-stage builders can get the funding they need when they need it,” Polygon Labs has written a blog.
Season 01 application forms are now open and will be closed on August 31st 2024.
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Source: crypto.news
