Polygon Allocates 35 Million MATIC to Fund New Crypto Projects

Polygon announced an initiative to bolster its ecosystem. For the inaugural season of its Community Grants Program (CGP), it will allocate 35 million MATIC tokens.

This initiative aims to support new projects built on the Polygon and Ethereum networks.

Polygon to Fund New Crypto Projects

Polygon 2.0 represents the next evolution of the Polygon Layer 2 network, aiming to deliver unlimited scalability and seamless information exchange through its Value Layer. The native token, POL, launched on the Ethereum network on October 25, 2023.

MATIC holders can swap their tokens for POL on a 1:1 basis. However, it is important to highlight that users, validators, and app developers do not need to exchange their MATIC for POL at this time. Staking and gas fees on the Polygon network continue to be conducted using MATIC.

To stimulate the growth of Polygon 2.0, the Community Treasury, established through community consensus, will unlock 1 billion POL over the next decade, distributing approximately 100 million POL annually to developers. However, due to the ongoing transition from MATIC to POL, Season 01 grants will be in MATIC.

“Builders are the heart of Polygon’s success. Over the last few years, it is you, dear builder, at every turn, developing Polygon and building with Polygon technology, becoming a pioneer at the forefront of global innovation,” stated a Polygon Labs representative.

The CGP’s first season focuses on providing early-stage funding to foster innovation and growth. An independent Community Treasury Board will oversee the grants, ensuring transparency and community alignment. The program adopts an open, community-aligned funding framework, with professional Grant Allocators distributing a portion of the funds.

Read more: How To Buy Polygon (MATIC) and Everything You Need To Know

The application window for Season 01 opens on June 11, 2024, and closes on August 31, 2024. Projects can apply for grants ranging from 5,000 to over 50,000 MATIC, witch a total allocation for this season of up to 35 million MATIC. To be eligible, projects must be built on or migrated to Polygon and committed to long-term development.