19.4 C
25 June 2024
Image default

Polygon Launches Community Grants Program, Allocating 35 Million MATIC

Polygon Launches Community Grants Program, Allocating 35 Million MATIC

  • Polygon (MATIC) launches the Community Grants Program (CGP) to support new projects built on Polygon and Ethereum.
  • The CGP is part of Polygon’s vision for Polygon 2.0, which introduces the native POL token.
  • Applications for Season 01 grants, ranging from 5,000 to over 50,000 MATIC, will be accepted from June 11 to August 31, 2024.

Polygon has announced the launch of its Community Grants Program (CGP) to foster the growth of its ecosystem and support the development of new projects built on both the Polygon and Ethereum networks. For the program’s inaugural season, Polygon has allocated 35 million MATIC tokens to fund innovative projects and incentivize developers to build on its platform.

The introduction of the CGP comes as part of Polygon’s broader vision for Polygon 2.0, which represents the next stage in the evolution of the Polygon Layer 2 network, aiming to provide unlimited scalability and seamless information exchange through its Value Layer. The native token of Polygon 2.0, POL, was launched on the Ethereum network on October 25, 2023, and MATIC holders have the option to swap their tokens for POL on a 1:1 basis.

It is crucial to note that users, validators, and app developers are not required to exchange their MATIC for POL at this juncture, as staking and gas fees on the Polygon network will continue to be conducted using MATIC for the time being. 

Polygon focuses on providing early-stage funding

The primary focus of the CGP’s first season is to provide early-stage funding to nurture innovation and foster growth within the Polygon ecosystem. To ensure transparency and community alignment, an independent Community Treasury Board will oversee the grant allocation process. 

Applications for Season 01 of the CGP will be accepted from June 11, 2024, until August 31, 2024. Projects seeking funding can apply for grants ranging from 5,000 to over 50,000 MATIC, with a total allocation of up to 35 million MATIC available for this season. To be considered eligible, projects must be built on or migrated to the Polygon network and demonstrate a commitment to long-term development.

Related posts

Coinbase Exec. Deemed ETH a Commodity After ETF Approval


MicroStrategy Continues Buying Spree, Acquires 9,245 Bitcoin


Pepe Coin (PEPE), Retik Finance (RETIK): 2 Best-Performing Coins to Add to Your Portfolio Today

Verified by MonsterInsights