Polygon Unveils 35 Million MATIC Tokens for Community Grants Program
Polygon has introduced its Community Grants Program (CGP) with an inaugural season offering 35 million MATIC tokens to support new projects within the Polygon and Ethereum networks.
Polygon Initiates Funding for New Crypto Projects
The latest version of Polygon, known as Polygon 2.0, marks a significant milestone in the Layer 2 network’s evolution, with a focus on enhanced scalability and efficient data exchange through its Value Layer. The native token, POL, was launched on the Ethereum network on October 25, 2023.
- MATIC holders can exchange their tokens for POL at a 1:1 rate.
- Users, validators, and app developers are not required to swap MATIC for POL for now.
- Staking and gas fees on the Polygon network still utilize MATIC.
To further bolster the growth of Polygon 2.0, the Community Treasury, governed by community consensus, will release 1 billion POL over the next decade, with around 100 million POL distributed annually to developers. While Season 01 grants will be in MATIC due to the ongoing transition from MATIC to POL.
βBuilders are the heart of Polygonβs success. Builders have played a crucial role in developing Polygon and pioneering global innovation,β said a Polygon Labs representative.
The primary focus of the CGP’s first season is to provide early-stage funding for innovation and development. An independent Community Treasury Board will oversee the grants, ensuring transparency and alignment with the community. The program follows an open, community-focused funding framework, with professional Grant Allocators managing fund distribution.
The application window for Season 01 opens on June 11, 2024, and closes on August 31, 2024. Projects can apply for grants ranging from 5,000 to over 50,000 MATIC tokens, with a total allocation of up to 35 million MATIC for this season. Projects must be built or migrated to Polygon and committed to long-term development to be eligible for grants.
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