As an experienced analyst following the blockchain industry, I’m thrilled to see Polygon’s commitment to fostering innovation and development through their new Community Grants Program. With a significant allocation of 1 billion POL tokens over the next decade, this program is a testament to Polygon’s belief in the power of its community.
The Polygon community’s treasure has unveiled a Community Grants Program aimed at fostering blockchain development. This initiative involves distributing approximately 1 billion POL, which is Polygon’s upcoming renamed token (previously known as MATIC), to developers over the next decade.
For builders, here’s an exciting opportunity: Season 1 of our Community Grants Program unveils 35 million MATIC to support exceptional projects within the Polygon and Ethereum realms over the next ten years.— Polygon | Aggregated (@0xPolygon) June 11, 2024
On Taylor’s third day of operation, there were 35 million tokens, equivalent to a value of $23 million based on present market prices, ready for distribution. The platform is making the transition from its existing currency, MATIC, to a new one named POL. Consequently, the initial batch of tokens will be represented in terms of MATIC.
The due date for submitting applications for “Season 1” is on August 31, 2024. As per the treasury announcement, grants will vary from 5,000 to over 50,000 MATIC.
“The Polygon Community Treasury functions as an autonomous, in-network financial resource separate from Polygon Labs and other related Polygon entities. It is governed through a system designed to foster community involvement.”
The Polygon ecosystem will continue to receive financial backing for its ongoing growth and advancement.
Individuals enrolled in the program have the flexibility to select between two available options. One of these is often referred to by the team as the “General Grant Track,” designed for creators with an interest in developing projects on the Polygon network.
The second category is called the “Consumer Crypto Trail,” which emphasizes concepts that foster the use of cryptocurrencies. This includes areas such as gaming platforms, decentralized social media applications, artificial intelligence and blockchain collaborations, and progress in Non-Fungible Tokens (NFTs).
“On our website, Polygon declared that the grant program is designed to empower our network, transforming Polygon into a robust, community-led aggregation of chains.”
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2024-06-11 22:44