- Polygon has revealed plans to ensure sustainable ecosystem growth.
- The project’s efforts have culminated in a large grants scheme.
- The first part of this scheme is already underway.
Polygon (MATIC) is looking to achieve sustainable growth within its ecosystem as part of plans to evolve into a multichain ecosystem of zero-knowledge-powered chains sharing liquidity with Ethereum.
The network offered its first indication of this push in July 2023, when it revealed a governance overhaul that would introduce a community treasury from a percentage of the upgraded MATIC token, POL, supply. In April 2024, Polygon Labs made its intentions for this treasury clear with proposals outlining plans that will see the funds allocated by an elected board to fund ecosystem projects.
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Nearly two months later, these plans have gone live with Polygon’s announcement of a new Community Grants Program.
1B MATIC for Ten Years
On Tuesday, June 11, Polygon unveiled a Community Grants Program to unlock 1 billion POL to fund builders over the next ten years.
Unlike the Polygon Village Grants, the Community Grants Program runs independently of Polygon Labs in terms of funding and selection. As outlined by Polygon Labs, the community treasury will fund the scheme, and the Community Treasury Board will review selected projects.
The first season of the grants program is already live, and 35 million MATIC, worth about $22 million at current prices, will be distributed to projects from now until August 31. Polygon Labs explained that individual distributions will range between 5,000 MATIC and 50,000 MATIC, with projects expected to be selected every month.
Who Is Eligible for the Community Grants Program?
According to Polygon Labs, the criteria for eligibility for the Community Grants Program is simple: build on Polygon or be willing to migrate to Polygon and build for the long term.
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There are two tracks for the first season of the Community Grants Program. These tracks are the General Track, open to all projects building on Polygon protocols, and the Consumer Crypto Track, open to projects seeking to drive consumer adoption.
On the Flipside
- Polygon is not the only Ethereum scaling project that offers grants to developers. Besides Polygon, projects like Arbitrum also provide grants for builders.
Why This Matters
Polygon is the largest Ethereum scaling project by market cap. The recently announced grants scheme promises to incentivize and support development within the ecosystem over the next ten years.
Read this for more on Polygon:
Polygon Wants To Boost Decentralization with More Validators
Learn more about Optimism’s fault proofs:
Why Fault Proofs Are Important as They Go Live on OP Mainnet
