- Polygon has unveiled its plans to ensure sustainable ecosystem growth.
- The project’s efforts culminated in a large grant initiative.
- The first part of this plan is already underway.
Polygon (MATIC) seeks to achieve sustainable growth within its ecosystem as part of its plan to evolve into a multi-chain ecosystem of zero-knowledge-based chains sharing liquidity with Ethereum.
The network gave the first signs of this push in July 2023 when it unveiled a governance overhaul that would introduce community treasury on a portion of the supply of POL, the upgraded MATIC token. In April 2024, Polygon Labs made its intentions clear for this treasury with a proposal outlining a plan for an elected board to allocate funds to fund ecosystem projects.
Nearly two months later, these initiatives are launched with the announcement of Polygon’s new community grants program.
1B MATIC for 10 years
On Tuesday, June 11, Polygon unveiled a community grants program that will unlock 1 billion POL to finance builders over the next 10 years.
Unlike Polygon Village Grants, the Community Grants program operates independently of Polygon Labs in terms of funding and selection. As explained by Polygon Labs, the community treasury funds the plan, and the community treasury committee reviews the selected projects.
The first season of the grant program has already begun, and 35 million MATICs, worth approximately $22 million at current prices, will be distributed to projects between now and August 31. Polygon Labs explained that individual deployments will range from 5,000 MATIC to 50,000 MATIC. We plan to select projects every month.
According to Polygon Labs, the community grant program’s eligibility criteria are simple: Are you willing to build on Polygon or migrate to Polygon and build for the long term?
The first season of the Community Grants Program has two tracks: These tracks are a general track, open to all projects built on the Polygon protocol, and a consumer crypto track, open to projects looking to drive consumer adoption.
On the flipside
- Polygon is not the only Ethereum extension project offering subsidies to developers. In addition to Polygon, other projects include: decision It also provides subsidies to builders.
Why This Matters
Polygon is the largest Ethereum expansion project by market capitalization. The recently announced grant scheme promises to encourage and support development within the ecosystem over the next 10 years.
To learn more about Polygon, read:
Polygon seeks to strengthen decentralization with more validators.
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