Polygon has introduced a giant $720 million Community Treasury for funding blockchain projects, targeting developers within the Polygon and Ethereum ecosystems.
Funding is coming
Polygon has introduced a $720 million Community Treasury to support blockchain projects over the next 10 years.
This initiative will provide resources to developers working within the Polygon and Ethereum ecosystems, and right in the first season of funding they will allocate 35 million Polygon tokens, worth about $25 million, for the Community Grants Program (CGP).
Formed through community consensus, the Community Treasury will distribute around 100 million Polygon ecosystem tokens (POL) each year, totaling one billion POL tokens over a decade.
The first season offers two tracks for builders, one is the General Grant Track and the other is the Consumer Crypto Track.
The General Grant Track is open to all projects with no strict limitations, though Polygon is particularly interested in areas like decentralized applications, developer tools and libraries, and protocol infrastructure.
Showcase your project
Polygon Community Treasury board member Ajit Tripathi stated that the first season welcomes all types of projects through its general grants track and includes a dedicated track for “consumer crypto” to support developers and entrepreneurs focused on innovative blockchain applications for everyday users.
The inaugural season of the CGP is now accepting applications until August 31.
Projects must be built on or willing to migrate to Polygon and should demonstrate long-term viability.
Grants will range from 5,000 to over 50,000 MATIC, with the Community Treasury Board reviewing and selecting projects each month.
Build it, and they will come
By launching the Community Treasury initiative, Polygon wants to support early-stage projects and provide developers with the funding they need.
According to Polygon, the CGP allows dynamic early-stage builders to secure the necessary resources without financial stress, promoting longevity and innovation.
This development follows Polygon’s recent advancements in zero-knowledge technology, known as pessimistic proofs. Pessimistic proofs ensure that no single chain can compromise the deposits of other chains within the AggLayer network.
