Polygon launches $720M Community Treasury for blockchain grants

Josh O"Sullivan10 hours agoPolygon launches $720M Community Treasury for blockchain grantsPolygon introduces a $720 million Community Treasury to fund blockchain projects, targeting developers within the Polygon and Ethereum ecosystems.915 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksPolygon has launched a $720 million Community Treasury dedicated to supporting blockchain projects over the next 10 years.

The initiative promises to support developers within the Polygon and Ethereum ecosystems.

The $720 billion fund will allocate an initial 35 million Polygon (MATIC) tokens (worth roughly $25 million) for the Community Grants Program (CGP) first season.

Related:Polygon Labs acquires Toposware, pushing total ZK investment to $1BThe Community Treasury

The Community Treasury, formed through community consensus, will distribute approximately 100 million Polygon ecosystem tokens (POL) annually — totaling one billion POL tokens over a decade. 

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

The General Grant Track is for anyone and imposes no “strict limitations on eligible projects.” Still, Polygon is “keen to see a few focus areas.” 

These focus areas include decentralized applications (DApps), developer tooling and libraries, and protocol infrastructure.

Speaking with Cointelegraph about the Consumer Crypto Track, Polygon Community Treasury board member Ajit Tripathi said:“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."

Related:Pessimistic proofs: ZK tech’s next step or mere cynicism?The application and grant allocation process

The inaugural season of the CGP is currently open for applications, and submissions will be accepted from June 11 until Aug. 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.“Every month, [the] Community Treasury Board reviews and selects projects.”

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Launching the Community Treasury initiative will allow Polygon to support early-stage projects and help developers secure 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 development follows Polygon’s recent advancement in zero-knowledge technology, dubbed pessimistic proofs.

Pessimistic proofs will ensure no single chain can compromise the deposits of other chains in the AggLayer network.

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