Polygon Launches $720M Community Treasury to Boost Blockchain Projects
Summary:
Polygon has initiated a $720 million Community Treasury to aid blockchain projects over the next decade. It aims to support developers active in the Polygon and Ethereum ecosystems. The inaugural allocation includes 35 million Polygon (MATIC) tokens for the Community Grants Program (CGP). The Treasury plans to distribute 100 million Polygon ecosystem tokens annually, accumulating to one billion over ten years. The CGP, open for applications till August, accepts projects built on or ready to transition to Polygon with long-term viability. This comes after Polygon's progress in Zero-Knowledge technology.
Polygon has initiated a Community Treasury worth $720 million, carried out over the next decade, this fund will be utilized to aid blockchain projects. The fund is aimed at endorsing developers who are at the forefront of Ethereum and Polygon environments. The inaugural allocation for the Community Grants Program (CGP) will include 35 million Polygon (MATIC) tokens (which are approximately $25 million). As per the Community Treasury, formed via a community consensus, an estimated 100 million tokens from the Polygon ecosystem (POL) will be disbursed each year, over ten years it would make up one billion POL tokens. The first installment offers two distinct tracks for developers: the General Grant Track and the Consumer Crypto Track.
The General Grant Track is available to all, with no rigid restrictions on eligible projects. However, Polygon is specifically interested in certain focus areas which comprise of decentralized applications (DApps), development tooling, libraries, and protocol infrastructure. As one of the board members of Polygon Community Treasury, Ajit Tripathi disclosed that Season 01 welcomes all kinds of project types with an exclusive “consumer crypto” track.
The first season's CGP is now open for applications, and project submissions will be accepted till Aug 31. The projects must be developed on, or be willing to transition to Polygon, and they must demonstrate a long-term sustainable model. The grants will vary starting from 5,000 and may go up to over 50,000 MATIC, this process will be supervised by the Community Treasury Board.
The establishment of the Community Treasury initiative is a significant move by Polygon to provide financial support for early-stage projects providing developers with access to necessary funding. This comes after Polygon's recent accomplishments in Zero-Knowledge technology, known as pessimistic proofs. Pessimistic proofs ensure that no individual chain can jeopardize the deposits of other chains in the AggLayer network.
Published At
6/11/2024 5:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.