Altcoin Project Launches Grant Program: 22 Million Will Be Distributed in the First Season!

Popular cryptocurrency project Polygon (MATIC) announced its grant program.

The Polygon community treasury has announced a grant program to incentivize developers and producers on the network. It was announced that this program will distribute 35 million MATIC, worth approximately $22 million, within the scope of its first season.

It was stated that users who develop projects and applications on the network can apply to the program as of June 11. The application deadline was announced as August 31, 2024.

POL will be distributed after the first season MATIC

Polygon is already on the verge of an upgrade and soon MATIC will be replaced by POL. Since the first season of the grant program will start immediately, the first season awards will be distributed as MATIC, and the second and other season awards will be distributed as POL:

Given the ongoing token upgrade from MATIC to POL, grants for Season 1 will be held in MATIC

In the announcement made by the team on the subject, the following statements were made regarding the details of the program:

After community consensus, the community treasury was created with 1 billion POL unlocked for 10 years, with approximately 100 million POL per year, all for builders. The Polygon Community Treasury is an in-protocol fund managed through a framework aimed at enabling community engagement, independent of Polygon Labs (and other Polygon organizations).

According to CoinGecko data, MATIC, which has lost 3% in value in the last 24 hours, is traded at $0.62 at the time of writing.