The Polygon community treasury has announced a Community Grants Program to assist blockchain development, which includes releasing 1 billion POL, Polygon’s soon-to-be rebranded MATIC token, into the hands of developers over the next ten years.
The program launched on Tuesday with 35 million tokens, worth $23 million at current rates, available for distribution. The network is switching from its current coin, MATIC, to the new POL ticker; therefore, the first tranche of tokens will be denominated in MATIC.
The “Season 1” application deadline is August 31, 2024, and grants will range from “5,000 to 50,000+ MATIC,” according to the treasury statement.
“The Polygon Community Treasury is an in-protocol fund independent from Polygon Labs (and other Polygon entities), governed via a framework that aims to enable community participation,” according to a post on the Polygon forum.
It is intended to offer continued economic support for the Polygon ecosystem’s future development and expansion.
Participants in the program can choose between two tracks. The first is what the team refers to as a “General Grant Track,” which is open to builders who want to construct anything on Polygon.
The second is the “Consumer Crypto Track,” which focuses on ideas that promote cryptocurrency adoption, including gaming, decentralized social apps, AI and blockchain integrations, and NFT advancements.
“The grant program follows proposals to ensure that Polygon becomes a strong, community-governed aggregated network of chains,” Polygon stated on its website.
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