Polygon Introduces New $1 Billion POL Grants Program

Season 01 Now Open

Season 01 of the program is now open, with 35 million MATIC set for distribution to projects building on the L2 network. At current MATIC prices, that’s about $23 million set to benefit builders looking to expand Polygon’s ecosystem.

Distribution of the funds lies with “the neutral Community Treasury Board,” the platform announced.

Polygon will also follow an open, community-aligned funding model, with professional Grant Allocators helping to allot the Season 01 funds.

Eligibility Criteria

Projects looking to benefit from the grants program must meet at least two conditions:

  • They must be building on Polygon or be willing to migrate their projects to the blockchain platform.
  • The projects must be in the business of building for the long term.

Polygon has opened two avenues for participating projects:

  • General Grant Track: Targets builders focusing on developer tooling and infrastructure on Polygon.
  • Consumer Crypto Track: Focuses on consumer-focused projects, including gaming, decentralized social, gamified commerce, AI/blockchain integration, and NFT innovations.

Purpose of the Community Grants Program

According to Polygon Labs, the CGP’s primary objective is to support developers during the building phase, rather than waiting until projects go live.

“Waiting until a project has finished building and produces results misses a key piece of true innovation: The opportunity to take chances. With Polygon CGP, dynamic early-stage builders can get the funding they need when they need it,” Polygon Labs wrote in the blog post.

Applications for Season 01 opened today, June 11, and will close on August 31, 2024.