Polygon launches community treasury with $720 million for blockchain grants
The Polygon and Ethereum ecosystems launch a $720 million Community Treasury to fund blockchain initiatives. Polygon has established a $720 million Community Treasury to assist blockchain projects over the next ten years. The programme promises to support developers in the Polygon and Ethereum ecosystems. The $720 billion fund will allocate 35 million Polygon MATIC $0.6245 tokens (about $25 million) for the Community Grants Program’s inaugural season.
The Community Treasury
The Community Treasury, established by community consensus, will distribute roughly 100 million Polygon ecosystem tokens (POL) per year, totaling one billion POL tokens over a decade.
The inaugural season has two tracks for builders: General Grant and Consumer Crypto. The General Grant Track is open to anyone and has no “strict limitations on eligible projects.” However, Polygon is “keen to see a few focus areas.”
These priority areas include decentralized apps (DApps), developer tooling and libraries, and protocol infrastructure.
In an interview with Cointelegraph, Ajit Tripathi, a board member of Polygon Community Treasury, stated that Season 01 offers a dedicated “consumer crypto” track in addition to the general grants track for all project kinds.
The application and grant allocation process
The CGP’s inaugural season is presently open for applicants, with submissions accepted from June 11 until August 31.Projects must be developed on or willing to migrate to Polygon and have long-term viability.
The Community Treasury Board will manage the selection process, with grants ranging from 5,000 to over 50,000 MATIC. “Every month, [the] Community Treasury Board reviews and selects projects.”
Focus on ecosystem growth
Polygon’s Community Treasury initiative will enable the company to sponsor early-stage projects and assist creators in securing funding.
“With Polygon CGP, dynamic early-stage builders may get capital when they need it. Building is difficult. You should not have to worry about the finances required to succeed while experimenting. Build for the long term and get the help you need today.” This development follows Polygon’s previous advances in zero-knowledge technology, known as pessimistic proofs. Pessimistic proofs ensure that no single chain threatens the deposits of other chains in the AggLayer network.
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