Polygon (MATIC) has taken a significant step to boost its ecosystem by offering 35 million MATIC in grants to developers. This initiative aims to stimulate the creation of innovative protocols on the Polygon network, which has seen lackluster price performance since mid-last year. The move is expected to increase interest in the network and potentially boost the token’s value over the medium to long term.
What is the Community Grant Program?
The recently announced Community Grant Program Season 1 will allocate 35 million MATIC Coins to developers within the Polygon ecosystem. The application window for developers is open from June 11 to August 31. Each project can receive between 5,000 to 50,000 MATIC, making it a substantial opportunity for developers aiming to create new and exciting protocols on the network.
How Will the Grants Be Distributed?
The Community Treasury Board will carefully evaluate all applications, with grant payments set to begin on the first day of each month. The decision process will take approximately four weeks. This structured approach ensures that the grants are distributed efficiently and to the most deserving projects, fostering long-term development within the ecosystem.
Key Insights for Developers
- Developers must submit applications between June 11 and August 31 to be considered.
- Grants range from 5,000 to 50,000 MATIC per project, offering significant funding opportunities.
- The Community Treasury will distribute 1 billion POL over ten years, equating to roughly 100 million POL Coins annually.
- Application reviews will be completed within approximately four weeks, with payments starting monthly.
The Community Treasury has been established to unlock and distribute 1 billion POL over ten years, providing substantial annual funding to developers. This initial announcement marks the beginning of Season 1 of the grant program, setting the stage for continued support and growth within the Polygon ecosystem.