Polygon, a prominent blockchain network, has introduced a Community Grants Program aimed at fostering blockchain development, which involves the distribution of 1 billion POL tokens, soon to replace MATIC, to developers over the next decade.
The program was officially launched on Tuesday, with an initial allocation of 35 million tokens valued at $23 million based on current rates. While the network transitions from its current currency, MATIC, to the new POL ticker, the first batch of tokens will be denominated in MATIC.
Applicants for "Season 1" have until August 31, 2024, to submit their proposals. Grants awarded through this program will range from "5,000 to 50,000+ MATIC," as outlined in the treasury's statement.
According to a post on the Polygon forum, the Polygon Community Treasury operates as an in-protocol fund independent of Polygon Labs and other Polygon entities. It is governed by a framework designed to facilitate community participation, with the primary goal of providing ongoing economic support for the future development and expansion of the Polygon ecosystem.
General Grant Track and Consumer Crypto Track
Participants in the program have the option to select from two tracks. The first track, known as the "General Grant Track," is open to builders interested in constructing projects on the Polygon network.
The second track, termed the "Consumer Crypto Track," focuses on proposals that promote the adoption of cryptocurrencies. This includes initiatives related to gaming, decentralized social applications, AI and blockchain integrations, and advancements in NFT technology.
"The grant program is designed to ensure that Polygon evolves into a robust, community-governed network of interconnected chains," Polygon stated on its official website.
Bottom Line: Through initiatives like the Community Grants Program, Polygon is reaffirming its commitment to fostering innovation and growth within the blockchain ecosystem while empowering developers to contribute to the network's expansion and success.
