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Akira Ming
Akira Ming
Jun 17, 2024
News

Polygon Labs Unveils Community Grants Program with $1 Billion Over a Decade

Starting with Season 1, the program will distribute $35 million in MATIC. This initiative aims to nurture innovation and development, with around $100 million in POL tokens allocated annually.
Polygon Labs Unveils Community Grants Program with $1 Billion Over a Decade

Polygon Labs has announced an ambitious Community Grants Program, promising $1 billion in funding over the next ten years. This effort aims to support developers building on Polygon and Ethereum. Starting with Season 1, $35 million in MATIC will be issued to promising projects.

A Decade-Long Commitment

The Community Treasury, formed with a community consensus, will release around $100 million in POL tokens annually. This funding is set to nurture innovation and growth within the ecosystem. The program is designed to ensure long-term growth for projects building on Polygon. The team has recognized the critical role of developers, and this program is a testament to their commitment.

Season 1 Details

Season 1 of the Community Grants Program (CGP) will distribute 35 million MATIC. These funds are overseen by the Community Treasury Board, which ensures fair and unbiased allocation. Due to the ongoing token upgrade from MATIC to POL, grants for this season will be awarded in MATIC. The Community Treasury will adhere to an open, transparent funding framework. Part of the funds will be allocated by professional Grant Allocators.

Eligibility and Application Process

To be eligible for a grant, projects must be building on Polygon or willing to migrate to it and must demonstrate a long-term vision. The application window for Season 1 opens on June 11th, and closes on August 31st. Applications are reviewed on a rolling basis, with an average turnaround time of four weeks. This review process allows for a continuous influx of innovative projects.

Two Grant Tracks

Season 1 features two tracks to begin with: the General Grant Track and the Consumer Crypto Track. The General Grant is open to a wider range of projects, such as developer tools, protocol infrastructure, and various dApps. This track does not impose strict limitations on eligible projects, encouraging a wide array of applications. The Consumer Crypto Track focuses on projects that drive crypto adoption. These include gaming, decentralized social networks, AI/blockchain intersections, NFT innovations, content co-creation, digital/physical intersections, and distributed communities, also known as scenecoins.

Community-Centric Funding

Polygon focuses on a community-aligned funding framework. Part of the funds will be distributed by professional Grant Allocators to ensure a balanced, effective distribution. The Community Treasury Board will review and select projects monthly, with grant payouts beginning the first of each month. This structured, regular review ensures that the most promising projects get the financial support. 

Long-Term Vision for Polygon

Polygon aims to become a strong, community-governed network of interconnected chains. This vision includes the Polygon PoS network, the Polygon zkEVM, and the Polygon CDK. These tech stacks offer developers flexibility and scalability, allowing them to build and deploy projects with ease. The Polygon zkEVM, an EVM-equivalent ZK layer 2, ensures Ethereum tooling works out-of-the-box, making the transition seamless for developers.

Novel Use Cases and Future Plans

The aggregation layer, known as AggLayer, is a key component of Polygon's plans. It allows seamless interactions between different chains, improving liquidity and user experience. For instance, a user can buy an NFT on one chain using tokens from another without multiple bridge delays. This seamless cross-chain functionality is designed to unlock new use cases. By connecting various chains, the AggLayer ensures that liquidity and users are shared across the entire Polygon landscape.

Supporting Early-Stage Innovation

The CGP is designed to provide early-stage funding to developers, allowing them to innovate without financial constraints. According to Polygon, the team believes in supporting projects before they are fully built. This approach is crucial to fostering innovation, as it provides the necessary resources. Early-stage builders can secure funding, making sure they have the financial support to succeed.

Past Success Stories

Polygon has a history of supporting standout projects through grants. Successful projects like Quickswap, Keom, Jokerace, and Intraverse all started with Polygon grants. These projects have grown significantly, demonstrating the impact of early support. The CGP aims to replicate and expand this success, allowing more projects to thrive within the platform. By giving substantial funding and resources, Polygon is committed to nurturing next-gen Web3 projects.

Future-Proof Your Project

Building on Polygon offers various perks, such as access to a robust tech stack and a vibrant community. Developers can choose to deploy their dApps on Polygon PoS, zkEVM, or even build their own chain with Polygon CDK. This ensures that projects can scale and adapt as needed, future-proofing their development efforts. 

Join the Polygon Ecosystem

Polygon invites builders to submit their proposals and join a vibrant, growing ecosystem. With substantial funding and a supportive community, Polygon aims to foster innovation and drive the future of blockchain tech. Developers interested in applying for a grant can do so through the official Grants page.

Stay Informed

To stay updated, be sure to follow Polygon's official social channels. Regular updates will provide insights into the CGP, upcoming funding rounds, and other programs aimed at supporting developers. The future of Web3 is aggregated, and Polygon seeks to be at the forefront of this evolution.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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