Polygon commits 35 million MATIC to nurture projects building on its network

As an experienced analyst in the crypto industry, I’m thrilled to see Polygon’s commitment to supporting projects within its ecosystem through its new Community Grants Program. The allocation of 35 million MATIC for the first season is a significant investment that could potentially lead to innovative developments and long-term growth for the network.

Polygon introduces the first season of its Community Grants Initiative, aimed at strengthening projects that are developed in the Polygon and Ethereum networks.

Starting on June 11, the Polygon project will distribute 35 million MATIC tokens to developers in accordance with information provided in a press release published on crypto.news.

In the initial phase, the allocated funds will be dispersed in Matic tokens because of the ongoing Polygon Network upgrade from Matic to POL. However, moving forward, subsequent grants will be given out in Polygon’s new token, POL.

To be considered for the grant, projects have two options: they can currently be developed on the Polygon network, or they are open to relocating their projects to Polygon in the future. The aim of this grant is to foster long-term dedication to the Polygon network.

Applications for the grant will typically be processed within a month’s time, and reviews occur continuously. Eligible projects can receive anywhere from 5,000 to more than 50,000 MATIC in financial support.

During the initial phase, approximately 35 million MATIC units are planned to be introduced into the system. Rewards will be distributed on a monthly basis, starting from the first day of each month, subject to prior authorization.

Applications can be divided into two main categories: the General Grant System and the Consumer Cryptocurrency System.

A general grant track is versatile and lacks significant restrictions, making it suitable for various types of projects.

“For anyone, anywhere, building whatever on Polygon—this is for you,” the announcement said.

In this category, projects are centered around crucial aspects such as developer resources, foundational technologies for communication between systems, and applications built on a decentralized framework.

Instead of “The consumer crypto track, on the other hand, will focus on projects driving consumer adoption of cryptocurrency,” you could say:

Through this classification, we simplify the application procedure for all candidates and guarantee they receive the right level of assistance.

As a researcher, I would put it this way: I would note that all fund allocations would be overseen by an independent body known as the Community Treasury Board. This board is responsible for managing the distribution of funds from the Community Treasury. Established in April, the proposed members of the board include Roc Zacharias, founder of Quickswap, Peter Kim, creator of Coinbase Wallet, and David Gogel from dYdX foundation.

The board will be responsible for conducting monthly reviews of projects selected for the grant.

Over the course of ten years, the Community Treasury is planned to distribute around 100 million POL per annum, amounting to a grand total of one billion POL.

Multiple initiatives have been granted financing by Polygon. Among these are noteworthy recipients like QuickSwap, a decentralized exchange operating on Polygon, which secured a $1 million award in the year 2021.

The Community Grants Program announced by Polygon follows its acquisition of Toposware, a blockchain startup. This deal is intended to enhance Polygon’s capability in zero-knowledge development, the entity behind MATIC striving for growth in this area.

Read More

2024-06-11 16:04