Polygon has launched Season 01 of its Community Grants Program to support projects developed within the Polygon and Ethereum ecosystems.
As per information shared in a press release, starting on June 11, the initiative aims to allocate 35 million MATIC to developers engaged in Polygon projects.
During the initial season, the funding will be distributed in MATIC as the network is in the process of upgrading its token to POL. Subsequent grant distributions will be in POL.
Projects seeking eligibility must be either actively building on Polygon or open to transitioning to the network. A primary objective of the grants is to ensure sustained dedication to the network.
The grant approval process is anticipated to have an average turnaround time of four weeks, with applications reviewed continuously. Each project has the potential to secure funding ranging from 5,000 to more than 50,000 MATIC.
In the first season, up to 35 million MATIC will be infused into the network, with grant disbursements scheduled for the beginning of each month post approval.
Applications will be segregated into two tracks: the General Grant Track and the Consumer Crypto Track.
The general grant track is designed for a broad spectrum of projects without significant constraints.
The announcement states, “For anyone around the globe working on Polygon—this opportunity is for you.”
Projects falling under this category will concentrate on core areas such as developer tools, protocol infrastructure, and decentralized applications (dApps).
On the other hand, the consumer crypto track will focus on initiatives that promote consumer adoption of cryptocurrency. Key areas of emphasis include gaming, gamified commerce, decentralized social platforms, AI/blockchain integrations, NFT innovations, and more.
This classification streamlines the application process, ensuring tailored support for each applicant.
All allocations will be supervised by the Community Treasury Board, an autonomous body responsible for managing funds from the Community Treasury. This board was introduced in April and includes notable figures like Quickswap founder Roc Zacharias, Coinbase Wallet creator Peter Kim, and David Gogel from the dYdX foundation.
The board will conduct monthly evaluations of selected grant projects.
Over a decade, the Community Treasury plans to distribute about 100 million POL annually, totaling 1 billion POL.
Several projects have already secured funding from Polygon, with notable recipients including QuickSwap, a decentralized exchange on Polygon, which received a $1 million grant in 2021.
Polygon's Community Grants Program follows its recent acquisition of blockchain startup Toposware, enhancing its Zero-knowledge development.
