Polygon has announced a significant new initiative, launching a $720 million Community Treasury dedicated to supporting blockchain projects over the next ten years. This move aims to bolster developers working within the Polygon and Ethereum ecosystems.
The fund will initially allocate 35 million Polygon tokens, worth about $25 million, for the first season of the Community Grants Program (CGP). Each year, the treasury will distribute approximately 100 million Polygon ecosystem tokens (POL), amounting to a total of one billion POL tokens over the next decade.
Grant Tracks and Focus Areas
The first season of the CGP offers two tracks for builders: the General Grant Track and the Consumer Crypto Track. The General Grant Track is open to all projects, with no strict limitations. However, Polygon has identified some key areas of interest, including decentralized applications (DApps), developer tools and libraries, and protocol infrastructure.
Applications for the inaugural season of the CGP are currently open, with submissions accepted from June 11 to August 31. Projects must either be built on or willing to migrate to Polygon and must show potential for long-term viability. Grants will range from 5,000 to over 50,000 MATIC, with the Community Treasury Board responsible for reviewing and selecting projects on a monthly basis.
Polygon Supporting Early-Stage Projects
The launch of the Community Treasury is a significant step for Polygon in supporting early-stage projects and helping developers secure necessary funding. A Polygon representative highlighted the importance of this initiative, stating, “With Polygon CGP, dynamic early-stage builders can get the funding they need when they need it. Building is hard. You shouldn’t have to worry over the finances needed to succeed while you experiment. Build for longevity and get the support you need to, today.”
This development comes on the heels of Polygon’s recent advancements in zero-knowledge technology, specifically with their new pessimistic proofs. These proofs ensure that no single chain can compromise the deposits of other chains within the AggLayer network.
Polygon’s $720 million Community Treasury represents a substantial commitment to fostering innovation and development within the blockchain space, providing crucial support to developers and projects at various stages of growth.
