Polygon has unveiled a $720 million Community Treasury aimed at backing blockchain projects for the next decade. This endeavor is designed to assist developers within the Polygon and Ethereum ecosystems.
The Community Treasury has set aside an initial 35 million Polygon (MATIC) tokens, valued at around $25 million, for the Community Grants Program (CGP) in its first season. In total, the fund will allocate approximately 100 million Polygon ecosystem tokens (POL) annually, totaling one billion POL tokens over the span of ten years.
In the current season, builders have the option to choose between the General Grant Track and the Consumer Crypto Track. The General Grant Track is open to all projects without strict limitations, although Polygon is particularly interested in certain focus areas such as decentralized applications (DApps), developer tools and libraries, and protocol infrastructure.
Ajit Tripathi, a board member of the Polygon Community Treasury, discussed the Consumer Crypto Track with Cointelegraph, emphasizing its significance.
Applications for the CGP’s inaugural season are currently being accepted until August 31, with projects required to be developed on or willing to transition to Polygon. Grants will range from 5,000 to over 50,000 MATIC, and the Community Treasury Board will oversee the selection process.
By launching the Community Treasury initiative, Polygon aims to bolster early-stage projects and assist developers in securing funding. This move follows Polygon’s recent progress in zero-knowledge technology, known as pessimistic proofs, which ensures the security of deposits across the AggLayer network.
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