Polygon has introduced a groundbreaking $720 million Community Treasury aimed at backing blockchain ventures for the next decade.
This effort is set to provide assistance to developers working within the Polygon and Ethereum ecosystems. The $720 billion fund will kick off with an allocation of 35 million Polygon (MATIC) tokens, valued at around $25 million, for the Community Grants Program (CGP) inaugural season.
The Community Treasury, established through community agreement, will distribute roughly 100 million Polygon ecosystem tokens (POL) annually, totaling one billion POL tokens over the course of ten years.
In the initial season, builders have the option to choose between two tracks: the General Grant Track and the Consumer Crypto Track.
The General Grant Track is open to everyone and does not impose strict limitations on eligible projects, although Polygon is particularly interested in a few key areas such as decentralized applications (DApps), developer tools and libraries, and protocol infrastructure.
Discussing the Consumer Crypto Track with Cointelegraph, Polygon Community Treasury board member Ajit Tripathi explained:
The application process for the CGP’s inaugural season is currently open, with submissions being accepted from June 11 to August 31. Projects must be either built on Polygon or willing to migrate to the platform, and must demonstrate long-term sustainability.
Grants will vary from 5,000 to over 50,000 MATIC, with the Community Treasury Board overseeing the selection process.
The launch of the Community Treasury initiative will enable Polygon to support early-stage projects and assist developers in securing funding. This move comes on the heels of Polygon’s recent progress in zero-knowledge technology, known as pessimistic proofs.
Pessimistic proofs will safeguard against any single chain being able to compromise the deposits of other chains within the AggLayer network.