Polygon Launches Community Treasury to Boost Blockchain Innovation

Polygon, a prominent layer-2 scaling solution for Ethereum, has unveiled an ambitious Community Treasury initiative to foster blockchain development over the next decade. This initiative involves the distribution of 1 billion POL tokens, with approximately 100 million POL tokens being allocated annually. The first season of the Community Grants Program (CGP) will see the distribution of 35 million MATIC, worth around $22 million, to foster innovative projects within the Polygon and Ethereum ecosystems.

The creation of the Community Treasury is a result of community consensus, ensuring a sustainable and community-first approach to support ongoing development within the Polygon ecosystem. This treasury operates independently from Polygon Labs and other Polygon entities, promoting transparency and community participation in decision-making.

Season 01 of the Community Grants Program

Season 01 of the CGP introduces two distinct tracks for applicants: the General Grant Track and the Consumer Crypto Track.

  1. General Grant Track: Open to any project building on Polygon, this track does not impose strict limitations on the nature of the projects. Polygon is particularly interested in developer tooling and libraries, protocol infrastructure, and decentralized applications (dApps). This inclusive approach encourages a diverse range of projects, fostering innovation within the ecosystem.
  2. Consumer Crypto Track: This track focuses on projects that drive crypto adoption, such as gaming, gamified commerce, decentralized social applications, AI/blockchain integrations, and NFT innovations. By emphasizing consumer-led use cases, this track aims to increase mainstream adoption of blockchain technology.

Applications for Season 01 opened on June 11, 2024, and will close on August 31, 2024. Grants will range from 5,000 to 50,000+ MATIC. The Community Treasury Board, which oversees the selection process, reviews applications on a rolling basis, with an average turnaround time of four weeks. Monthly reviews ensure continuous support for innovative projects.

Given the ongoing token upgrade from MATIC to POL, grants for Season 01 will be issued in MATIC. This transition is part of Polygon’s broader roadmap to enhance the token’s capabilities and support multiple chains within the ecosystem. Over the next few years, POL is expected to gradually replace MATIC as Polygon’s native token, offering improved staking and governance features.

The Community Treasury initiative represents a significant milestone for Polygon, demonstrating its commitment to fostering a robust and dynamic blockchain ecosystem. By providing substantial financial support to early-stage projects, Polygon aims to lower barriers for developers and encourage long-term innovation. This initiative aligns with Polygon’s vision of creating a strong, community-governed network of chains, enabling seamless interaction and liquidity sharing across various protocols and dApps.

Image Credit: Polygon