PolygonThe Layer-2 Scaling Network, announced the Community Grants Program. Over the next year, 1 billion POL Tokens (the rebranding for the existing MATIC) will go to ecosystem developers. next Ten years.
Polygon Labs announced on Tuesday that its program was now available. Polygon Labs announced in an 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.”
The Season 01 program has now opened, and 35 millions MATIC will be distributed to L2 projects. At today’s MATIC prices that is approximately $23 million for builders to use to help expand Polygon’s ecosystem.
Distributing the funds is up to “the neutral Community Treasury Board” Platform announced
Polygon’s funding will follow a community-aligned, open model. Professional Grant Allocators are helping with the allocation of Season 01 funds.
Who can apply?
The project must meet two requirements to be eligible for the grant program:
First, the projects must build on Polygon, or, if they do not, willingly migrate to a blockchain platform. The projects should also be building long-term.
Polygon has opened two avenues for participating projects – the “General Grant Track,” Target builders are looking at developer tools and infrastructure available on Polygon.
Then, there is the “Consumer Crypto Track,” The focus of the project will be on projects that are consumer-focused, such as gaming, social decentralization, gamified commerce and AI/blockchain integration.
What is the Community Grants Program all about?
CGP, according to Polygon Labs’ primary goal is to help developers. It is best to support developers as they are building, and not after the project has 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