Polygon unveils 1 billion POL token program to boost developer engagement Polygon unveils 1 billion POL token program to boost developer engagement
Polygon said the inititaive would motivate developers to focus on building long-lasting viable projects.
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Updated: Jun. 11, 2024 at 5:55 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polygon, the Ethereum layer-2 blockchain, has unveiled a Community Treasury initiative funded with 1 billion POL tokens, which will be distributed over the next decade to drive developer engagement on the network.
According to the June 11 press release, the tokens will be sourced from 1% of the network’s annual token emissions, as detailed in the POL whitepaper.
Polygon grant
Polygon has launched the first season of its Community Grant Program (CGP), offering developers an initial 35 million MATIC valued at around $22 million. Future seasons will provide up to 100 million POL tokens as the network transitions from MATIC to POL.
Polygon’s CGP aims to support early-stage builders with essential funding. Polygon stated:
“Building is hard. The goal of CGP is to support developers while they build. Waiting until a project has finished building and produces results misses a key piece of true innovation: the opportunity to take chances.”
Developers can apply for grants from June 11 to Aug. 31. The grants range from 5,000 MATIC to over 50,000 MATIC. The Community Treasury Board will oversee the selection process.
Applications are open for the General Grants Track and the Consumer Crypto Track. The General Grants Track includes all projects building on the Polygon protocol, such as protocol infrastructure and developer tooling libraries.
On the other hand, the Consumer Crypto Track targets projects focused on driving consumer adoption, including gaming, decentralized social platforms, content creation, and NFT innovations.
Crypto community members have welcomed the initiative, pointing out that it would motivate builders to develop innovative projects.
Game developer Chris Heatherly said:
“Watch as Polygon goes from ‘dead’ to the hottest chain going because they now have rewards.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
