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HomeMarketsPolygon Unveils $700M Community Grant

Polygon Unveils $700M Community Grant

The Community Treasury, created after community consensus, will unlock 1 billion POL over a decade, distributing approximately 100 million POL per year to developers. POL will eventually replace MATIC as Polygon’s native token.

“After community consensus, the Community Treasury has been created, with 1 billion POL unlocked over 10 years, with 100 million POL per year, all for builders,” Polygon said in an X post on June 11.

Developers can apply for “Season 1” of the program starting Tuesday, which is due by August 31, 2024. During the initial phase, the treasury will distribute 35 million MATIC (about $22 million) to projects building on Polygon. While all projects are welcome, Polygon is keen to see decentralized applications, infrastructure protocols, and developer tools.

The Polygon Community Treasury

“The Polygon Community Treasury is an in-protocol fund independent from Polygon Labs (and other Polygon entities), governed via a framework that aims to enable community participation. It is designed and introduced to provide ongoing economic support for further development and growth of the Polygon ecosystem,” reads a Polygon forum post

The Treasury has implemented certain conditions and terms that founders must know. First, the grants will range from 5,000 to over 50,000 MATIC, depending on overall project quality and potential.

Second, all projects must be built on or willing to migrate to Polygon and prove their long-term viability, as the Community Treasury Board will review and choose the projects.

This initiative will allow Polygon to support early-stage projects and help developers secure more funding. The protocol has also been quite active in other sectors, including NFTs, having flipped Solana in terms of daily users.

Jerry Rolon
Jerry Rolonhttps://etrendystock.com/
After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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