Polygon, the layer-2 scaling network, has announced a new Community Grants Program, allocating 1 billion POL tokens (rebranded from MATIC) to ecosystem developers over the next ten years.

Polygon Labs revealed on Tuesday that its program is now live. Polygon Labs stated:

“Following community consensus, the Community Treasury has been created, with 1B POL unlocked over 10 years, with ~100M POL per year—all for builders.”

Season 01 of the program is now open, with 35 million MATIC set for distribution to projects building on the L2 network. At current MATIC prices, this amounts to approximately $23 million aimed to benefit builders looking to expand Polygon’s ecosystem. The distribution of funds will be managed by the neutral Community Treasury Board.

Polygon will follow an open, community-aligned funding model, with professional Grant Allocators assisting in allotting the Season 01 funds.

Eligibility Criteria

Projects looking to benefit from the grants program must meet at least two conditions:

  • They must be building on Polygon or be willing to migrate their projects to the blockchain platform.
  • Projects must be focused on long-term development.

Polygon has opened two avenues for participating projects:

  • The General Grant Track targets builders focusing on developer tooling and infrastructure on Polygon.
  • The Consumer Crypto Track focuses on consumer-oriented projects, including gaming, decentralized social platforms, gamified commerce, AI/blockchain integration, and NFT innovations.

Purpose of the Community Grants Program

According to Polygon Labs, the primary objective of the Community Grants Program (CGP) is to support developers during the building phase, not just after projects go live. Polygon Labs noted:

“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.”

Applications for Season 01 opened today, June 11, and will close on August 31, 2024.

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