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Wednesday, June 12, 2024
HomeCryptoPolygon launches $720 million Community Treasury for blockchain grants

Polygon launches $720 million Community Treasury for blockchain grants

Polygon has launched a $720 million Community Treasury dedicated to supporting blockchain projects over the next 10 years.

This initiative promises to support developers in the Polygon and Ethereum ecosystems.

The $720 million fund will allocate an initial 35 million Polygon tokens (worth approximately $25 million) to the first season Community Grant Program (CGP).

Community Treasury

The Community Treasury, formed through community consensus, will distribute approximately 100 million Polygon (POL) ecosystem tokens annually, for a total of 1 billion POL over the course of a decade.

The first season offers two “tracks” for builders: General Grant Track and Consumer Crypto Track.

The General Grant Track is open to anyone and does not impose “strict limits on eligible projects.” However, Polygon still “wants to see some areas of focus”.

These areas of focus include decentralized applications (DApps), developer tools and libraries, and protocol infrastructure.

As for Consumer Crypto Track, Polygon community treasury board member Ajit Tripathi said:

“Season 01 welcomes all projects through the general funding channel (General Grant Track) and the dedicated crypto consumer channel (Consumer Crypto Track). This direction aims to support developers, innovators and entrepreneurs focused on blockchain-based applications for everyday users.”

Grant application and allocation process

CGP’s inaugural season is now open for registration and projects will be accepted from June 11 to August 31.

Projects must be under construction or ready to migrate to Polygon and demonstrate long-term viability.

Grants will range from 5,000 to over 50,000 MATIC, with the Community Treasury Committee overseeing the selection process.

“Every month, the Community Treasury Committee will review and select projects.”

Focus on ecosystem growth

The launch of the Community Treasury initiative will enable Polygon to support early-stage projects and help developers secure funding.

“With Polygon CGP, proactive early-stage builders can get the funding they need when they need it. Construction is difficult. Good projects do not need to worry about the financial resources needed during testing. Build to last and get support today.”

This development follows Polygon’s recent advancement in zero-knowledge technology, which helps ensure no single chain can compromise the deposits of other chains in the AggLayer network.

You can see coin prices here.

Viet Cuong

According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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