Polygon Commits 35 Million MATIC to Support Projects on Its Network

Polygon Commits 35 Million MATIC to Support Projects on Its Network

Polygon has announced the launch of Season 01 of its Community Grants Program, aimed at fostering development within the Polygon and Ethereum ecosystems. Starting June 11, Polygon will allocate 35 million MATIC to support developers building on its network.

Funding and Eligibility

According to a press release shared with crypto.news, the grants will initially be distributed in MATIC due to the network’s ongoing token upgrade to POL. Future grants will be distributed in POL. To be eligible, projects must either be currently building on Polygon or willing to migrate to the network, emphasizing long-term commitment.

Grant Distribution and Application Process

The grant approval process is designed to be efficient, with an average turnaround time of four weeks. Applications will be reviewed on a rolling basis, with each project potentially receiving between 5,000 and over 50,000 MATIC. During the first season, up to 35 million MATIC will be injected into the network, with grant payouts scheduled for the first of each month following approval.

Applications will be divided into two categories: the General Grant Track and the Consumer Crypto Track.

  • General Grant Track: This track is open to a wide range of projects without serious limitations. It targets key areas like developer tooling, protocol infrastructure, and decentralized applications (dApps). “For anyone, anywhere, building whatever on Polygon—this is for you,” the announcement stated.
  • Consumer Crypto Track: This track focuses on projects aimed at driving consumer adoption of cryptocurrency. It covers areas such as gaming, gamified commerce, decentralized social platforms, AI/blockchain integrations, and NFT innovations.

This categorization is intended to streamline the application process and ensure that appropriate support is provided to each applicant.

Oversight and Management

The Community Treasury Board, an independent body overseeing the allocation of funds from the Community Treasury, will manage the grant distributions. Introduced in April, the board includes members such as Quickswap founder Roc Zacharias, Coinbase Wallet creator Peter Kim, and David Gogel from the dYdX foundation. The board will conduct monthly reviews of the projects selected for the grants.

The Community Treasury will allocate approximately 100 million POL annually over a ten-year period, totaling 1 billion POL.

Previous Grants and Acquisitions

Several projects have already benefited from Polygon’s funding initiatives. Notably, QuickSwap, a decentralized exchange on Polygon, received a $1 million grant in 2021. The launch of the Community Grants Program follows Polygon’s recent acquisition of blockchain startup Toposware, aimed at enhancing its Zero-knowledge development capabilities.

Polygon’s commitment to nurturing projects within its ecosystem is expected to drive innovation and growth, further solidifying its position in the blockchain space.

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