Polygon Labs Will Allocate 35 Million MATIC to Support Ecosystem Projects
Date: 2024-06-12 Author: Henry Casey Categories: BUSINESS
The Polygon Labs team has announced a significant initiative to support and develop its ecosystem. As part of this program, the Community Treasury fund was created, which is aimed at financing projects running on the Polygon and Ethereum blockchains.
Polygon Labs has introduced Community Treasury, a new fund designed to finance innovative projects. The main goal of this fund is to support developers and stimulate the creation of new applications and technologies based on the Polygon and Ethereum blockchains.
Funding in MATIC and POL Tokens
To support developers, Polygon Labs has allocated significant funds in the form of MATIC and POL tokens. A total of 1 billion POL tokens will be allocated for these purposes. The funds will be distributed over ten years, at 100 million POL annually.
In the first season of the grant program, 35 million MATIC tokens will be distributed. These funds will be made available to development teams who can use them to implement their projects. In the future, all rewards will be paid in POL tokens.
Conditions of Participation and Application Process
To participate in the program, projects must work on the Polygon blockchain or be ready to migrate to this platform. The average processing time for applications will be approximately four weeks. Each development team will be able to qualify for funding ranging from 5,000 to 50,000 MATIC.
Comments from Polygon Labs
The Polygon Labs team emphasized the importance of developers to the success of their platform:
“Developers are the core of Polygon's success. You have attended hackathons and accelerators, participated in global meetings and startup support programs. Thanks to your projects and technologies, the Polygon blockchain continues to develop,” the team noted.
Acceptance of applications for participation in the program started on June 11, 2024 and will end on August 31, 2024. Each month, the Treasury Board will review applications and select the best projects for further support. Grant payments will be made on the first of each month.
Previously, several projects have already received grants from Polygon Labs. For example, the decentralized exchange QuickSwap raised $1 million in 2021. Funds were also used to support projects such as Intraverse, Jokerace and Keom.
Certification and New Products
In April 2024, Polygon Labs received ISO 27001 certification, which is considered the “gold standard” in the field of information security. Additionally, Polygon Labs co-founder Sandeep Nailwal announced new product launches, demonstrating the company's continued commitment to innovation and growth.
The initiative to create a Community Treasury and allocate 35 million MATIC in the first season is an important step in supporting developers and driving the growth of the Polygon ecosystem. This program not only provides financial support, but also strengthens the community by promoting the development of new technologies and projects.
