Polygon Introduces $720 Million Community Treasury to Support Blockchain Projects
Polygon a blockchain project hailing from India has recently announced a $720 million in Community Treasury. The Ethereum layer-2 project has announced the reward as part of the strategic plan to fund blockchain projects and fund developers that are working with the Polygon and Ethereum networks. The project is set to support and fund the native developers for the upcoming 10 years.
This program is set to provide financial assistance and community support for developers who are associated with the Polygon and Ethereum blockchains. The $720 billion fund is going to set up the funding program in the form of MATIC tokens that are issued by the Polygon project.
The first installment of the funding is set around 35 million MATIC tokens that are valued at $25 million dedicated to fund the Community Grants Program (CGP).
Community consensus has agreed that qualified developers participating in the project will receive around 100 million Polygon tokens or POL on an annual basis. The project is going to distribute the total amount of POL for a long-term duration of 10 years.
The first installment will issue two tracks for developers namely the General Track and the Consumer Crypto Track. The General Track is a program for all developers and does not mandate any qualifying criteria however Polygon will focus on a number of set parameters.
Polygon Project to Fund Developers Using Native Tokens
The second track in the CGP is assigned to DeFi developers who are working on interesting decentralized applications (DApps). The developers hailing from this category may contribute in the form of developer tools, protocol, and libraries for the Polygon infrastructure.
He noticed that for season 01 all projects hailing from all genres are welcome to participate. The general track will offer a grant to a predetermined track and showcase the consumer crypto track.
This pathway will allow the developers to receive funding from Polygon that will support and encourage developers, creators, and business owners to offer innovative applications for blockchain and everyday utility.
The debut season of CGP is open for receiving all applications and submissions, which is open from 11th June and ends on 31st August. Tripathi has stated that one of the mandatory conditions for the projects is that applications or developer projects should either be built on Polygon or have the ability and willingness to migrate to the Polygon network.
At the same time, the member stated that the project must also indicate a long-term stability and practical use case.
Polygon Project Developers to Receive Funding in MATIC
Polygon project has intimated that grants for developers participating in CGP can start from 5000 MATIC tokens and go as high as 50 thousand MATICs.
He noticed that the selection, scrutiny, and eligibility criteria are in the hands of the Community Treasury Board, which is supervising the selection process. The spokesperson stated that Community Treasury Bond will review submissions and announce winners every month.
Community Treasury System
The Community Treasury system will enable Polygon to use a democratic governance system as a way to support first-stage projects and assist developers to secure financing. Polygon CGP is a dynamic early-stage builder that will collect funding on when required basis.
He noticed that the process of building is not easy and developers should be free from the worry of securing funding during the experimental stage.
He further stated that this is the main reason that Polygon has decided to fund the developers using MATIC tokens for a long-term duration. In this manner, the emerging developers will be free from the trouble of searching for funding sources and free from financial worries on a long-term basis.
Another important Polygon initiative that the project has undertaken recently is the development of the native zero-knowledge technology, which is named pessimistic proof.
