Polygon has introduced a $720 million Community Treasury to support blockchain projects over the next decade, targeting developers within the Polygon and Ethereum ecosystems. The initiative aims to fund innovative projects, offering substantial financial support and fostering ecosystem growth.
Funding Details
The Community Treasury, formed through community consensus, will distribute around 100 million Polygon ecosystem tokens (POL) annually, totaling one billion POL tokens over ten years. Initially, 35 million Polygon (MATIC) tokens, worth approximately $25 million, will be allocated for the first season of the Community Grants Program (CGP).
Grant Tracks and Focus Areas
The first season offers two main tracks for builders:
- General Grant Track: Open to all projects, with no strict limitations. Polygon is particularly interested in projects related to decentralized applications (DApps), developer tooling and libraries, and protocol infrastructure.
- Consumer Crypto Track: Designed to support developers, creators, and entrepreneurs focused on blockchain-based applications for everyday users.
Ajit Tripathi, a Polygon Community Treasury board member, highlighted the importance of this track in promoting innovative blockchain applications for consumers.
Application and Grant Allocation Process
The inaugural season of the CGP is open for applications from June 11 to August 31. Projects must be built on or willing to migrate to Polygon and demonstrate long-term viability. Grants will range from 5,000 to over 50,000 MATIC, with the Community Treasury Board overseeing the selection process. The board will review and select projects monthly.
Ecosystem Growth and Support
The launch of the Community Treasury initiative will help early-stage projects secure the necessary funding to succeed. Polygon aims to alleviate financial concerns for builders, allowing them to focus on innovation and longevity.
This development follows Polygon’s recent advancements in zero-knowledge technology, known as pessimistic proofs, which ensure that no single chain can compromise the deposits of other chains in the AggLayer network.