News Crypto –
- Polygon (MATIC) has launched a Community Grants Program (CGP) to support Polygon and new projects built on top of it.
- CGP is part of Polygon 2.0’s vision to introduce a native POL token.
- Applications for Season 01 grants will be accepted from June 11th to August 31st, 2024, ranging from 5,000 MATIC to over 50,000 MATIC.
Polygon has announced the launch of its Community Grant Program (CGP) to foster ecosystem growth and support the development of new projects building on both the Polygon and Ethereum networks. For the program’s first season, Polygon has allocated 35 million MATIC tokens to fund innovative projects and incentivize developers to build on the platform.
The introduction of CGP comes as part of Polygon’s broader Polygon 2.0 vision, which represents the next stage in the evolution of the Polygon Layer 2 network and aims to provide unlimited scalability and seamless exchange of information through the Value Layer. Polygon 2.0’s native token, POL, will launch on the Ethereum network on October 25, 2023, with MATIC holders having the option to exchange their tokens 1:1 for POL.
It is important to note that at this time, staking and gas fees on the Polygon network will still be done using MATIC, so users, validators, and app developers do not need to exchange MATIC for POL.
Polygon is focused on early stage funding
The primary focus of the first season of CGP is to provide early-stage funding to foster and grow innovation within the Polygon ecosystem. To ensure transparency and community alignment, an independent Community Finance Committee will oversee the grant allocation process.
Applications for CGP Season 01 will be accepted from June 11, 2024 to August 31, 2024. Projects seeking funding can apply for grants ranging from 5,000 MATIC to over 50,000 MATIC, with a total allocation available for this season of up to 35 million MATIC. To be considered eligible, projects must be built or migrated onto the Polygon network and demonstrate a commitment to long-term development.
