Home Coin news Polygon Launches $720 Million Community Treasury

Polygon Launches $720 Million Community Treasury

12 Jun, 2024 Coin news

Polygon Launches $720 Million Community Treasury

Polygon has introduced a $720 million Community Treasury aimed at fostering blockchain projects for the next decade.

This program is designed to aid developers within both the Polygon and Ethereum communities.

An initial allocation of 35 million Polygon tokens (valued at approximately $25 million) will be set aside for the Community Grants Program (CGP) for its inaugural season.

Formed by community consensus, the Community Treasury plans to distribute around 100 million Polygon ecosystem tokens (POL) each year, amounting to one billion POL tokens over ten years.

For the first season, there are two distinct paths for contributors: the General Grant Track and the Consumer Crypto Track.

The General Grant Track is open to a broad range of projects without "strict limitations on eligible projects."

Polygon has expressed interest in several key areas, including decentralized applications (DApps), developer tools and libraries, and protocol infrastructure.

In a discussion with Cointelegraph about the Consumer Crypto Track, Polygon Community Treasury board member Ajit Tripathi mentioned:

“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."

The CGP's first season is now accepting submissions, with the application period open from June 11 to August 31.

Projects must be either developed on or prepared to switch to Polygon and demonstrate potential for long-term success.

Grant amounts will vary from 5,000 to over 50,000 MATIC, with the Community Treasury Board managing the evaluation process.

“Every month, [the] Community Treasury Board reviews and selects projects.”

The launch of this initiative marks a significant step for Polygon in supporting nascent projects and aiding developers in securing necessary funding.

“With Polygon CGP, dynamic early-stage builders can get the funding they need when they need it. Building is hard. You shouldn’t have to worry over the finances needed to succeed while you experiment. Build for longevity and get the support you need to, today.”

This move follows Polygon's recent progress in zero-knowledge technology, specifically the development of pessimistic proofs.

These pessimistic proofs will safeguard against any single chain jeopardizing the deposits of other chains within the AggLayer network.

Sources:

https://cointelegraph.com/news/polygon-launches-720m-community-treasury-blockchain-grants

https://www.tradingview.com/symbols/MATICUSD/

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