Polygon has unveiled a Community Treasury with a whopping $720 million budget to back blockchain projects for the next decade. This endeavor is aimed at providing assistance to developers working within the Polygon and Ethereum ecosystems.
The Community Treasury has kicked off with an initial allocation of 35 million Polygon (MATIC) tokens, valued at around $25 million, for the Community Grants Program (CGP) inaugural season. This fund is just the beginning, as the Community Treasury plans to distribute approximately 100 million Polygon ecosystem tokens (POL) each year, totaling one billion POL tokens over the span of ten years.
For the first season, builders have the option to choose between two tracks: the General Grant Track and the Consumer Crypto Track. While the General Grant Track is open to all with no strict project eligibility requirements, Polygon is particularly interested in projects related to decentralized applications (DApps), developer tools and libraries, and protocol infrastructure.
Ajit Tripathi, a board member of the Polygon Community Treasury, highlighted the benefits of the Consumer Crypto Track in a conversation with Cointelegraph. The application and grant allocation process for the CGP inaugural season is currently open, with submissions being accepted from June 11 until August 31. Projects looking to receive grants ranging from 5,000 to over 50,000 MATIC must be built on or willing to migrate to Polygon and demonstrate long-term sustainability.
By launching the Community Treasury initiative, Polygon aims to nurture early-stage projects and assist developers in securing funding. This move follows Polygon’s recent breakthrough in zero-knowledge technology, known as pessimistic proofs, which will enhance security within the AggLayer network by preventing any single chain from compromising the deposits of others.
Looking ahead, the Community Treasury initiative is expected to play a crucial role in fostering ecosystem growth and supporting innovative projects within the blockchain space.