Polygon, a leading Layer-2 network, announced the launch of the Community Grant Program, a major initiative aimed at fostering innovation and growth within its ecosystem, according to its official blog post.
The program announced today plans to distribute 1 billion POL tokens, currently known as MATIC, to developers over the next decade.
The grant program started with an initial package of 35 million tokens, equivalent to $23 million at current market prices. These tokens, currently denominated in MATIC, are now ready for distribution.
Funding for the program will come from Polygon's Community Treasury. The team predicts that approximately 100 million POL tokens will be distributed annually under the program.
Participants in the program will be able to choose between two different tracks. The “Public Grant Path” will be open to all developers who want to develop on the Polygon platform. The “Consumer Crypto Path,” on the other hand, is geared towards projects that encourage the adoption of cryptocurrencies. This includes a wide range of sectors such as gaming, decentralized social applications, artificial intelligence and blockchain integrations, and NFT innovations.
*This is not investment advice.
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