June 16, 2024
Latest Cryptocurrency News

Polygon’s $720M Community Treasury for Blockchain Projects

Polygon has unveiled a groundbreaking $720 million Community Treasury to support blockchain projects over the next decade. This initiative aims to bolster developers within the Polygon and Ethereum ecosystems.

The fund will initially allocate 35 million Polygon tokens (worth approximately $25 million) for the first season of the Community Grants Program (CGP). Formed through community consensus, the treasury will distribute around 100 million Polygon ecosystem tokens (POL) annually, totaling one billion POL tokens over ten years.

Two Tracks for Builders

The first season of the CGP offers two tracks for builders: the General Grant Track and the Consumer Crypto Track.

The General Grant Track is open to all projects without strict limitations, though Polygon is keen to focus on decentralized applications (DApps), developer tooling, libraries, and protocol infrastructure.

Ajit Tripathi, Polygon Community Treasury board member, highlighted the Consumer Crypto Track’s goal:

“Season 01 welcomes all project types through its general grants track and features a dedicated ‘consumer crypto’ track. This track aims to support developers, creators, and entrepreneurs focused on innovative blockchain-based applications for everyday users.”

Application Process and Grant Distribution

The inaugural season of the CGP is open for applications from June 11 to August 31. Projects should have long-term viability and be either constructed on Polygon or eager to migrate there. The Community Treasury Board will be in charge of selecting the grants, which will have a maximum value of 50,000 MATIC. Tripathi stated, “Every month, the Community Treasury Board reviews and selects projects.”

The launch of the Community Treasury initiative marks a significant step for Polygon, providing essential support for early-stage projects and helping developers secure funding.

Polygon’s recent advancements, such as zero-knowledge technology dubbed pessimistic proofs, ensure no single chain can compromise other chains’ deposits in the AggLayer network. This development reinforces Polygon’s commitment to innovation and security in the blockchain space.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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