Categories: MarketsMenafn

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

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.

Recent Posts

Pi Network’s Token Sheds 75% in Three Months as Skepticism Grows

The Pi Network (PI) has plummeted over 75% in the past three months, collapsing from…

2 hours ago

Chummy Tees Review Rising Trends in the Funny T-Shirt Industry

Sonora, California, 30th March 2025, ZEX PR WIRE, As humor continues to shape popular culture,…

1 day ago

UBX Powers UBC’s 15x Surge: AI and DePIN Innovation Reshaping Crypto Investments

Singapore, 30th March 2025, ZEX PR WIRE, Recently, the native token UBC issued by the…

1 day ago

Tether Eyes U.S. Stablecoin Launch Amid Regulatory Tailwinds

Tether is weighing a crucial entry into the U.S. domestic stablecoin market as CEO Paolo…

4 days ago

Ripple Partners with Chipper Cash to Expand Crypto-Powered Payments in Africa

Ripple has joined forces with African payments firm Chipper Cash to bolster crypto-enabled cross-border payments,…

4 days ago

HyperLiquid Delists JELLY After $13M Vault Manipulation Blowout

HyperLiquid, a decentralized exchange (DEX), has delisted the JELLY token following a high-stakes trading exploit…

5 days ago