Layer 2 Ethereum scaling solution Polygon opened its Community Grant Program for developer applications today.
According to the announcement, for the initial season of the program, 35 million MATIC are designated, while 100 million POL are anticipated to be made available annually. Utilizing funds from the Community Treasury, the Community Grants Program will facilitate grantmaking activities. Grants will be disbursed in MATIC and will be supervised by the Community Treasury Board.
The application period for this season will conclude on August 31st. The allocated funds vary from 5,000 to more than 50,000 MATIC. Projects will undergo monthly reviews and selections, while payouts will commence on the first day of each month.
To qualify, participating projects are required to either be developed on Polygon or to express a willingness to migrate to the Polygon network. Additionally, they should showcase their commitment to long-term growth. Prospective participants are advised to submit their applications promptly. A four-week turnaround time is expected for grant allocation.
The program will feature two sections. The general one is open to any individual developing on Polygon and emphasizes builder tools, protocol infrastructure, as well as various types of decentralized applications (dApps). The consumer cryptocurrency section is geared towards projects involving gamified commerce, decentralized social platforms, intersections between AI and blockchain technology, non-fungible tokens (NFTs), among other related areas.
Polygon Unveils Polygon Miden Alpha Testnet V2 With Enhanced Features For Developers
Polygon, formerly known as Matic Network, is a prominent project among Ethereum scaling solutions, offering a platform designed to improve blockchain scalability. At its core, the Polygon SDK facilitates various applications, such as rollup blockchains and tailored standalone blockchains.
By leveraging the Plasma Framework and Proof-of-Stake (PoS) consensus mechanism, Polygon enhances Ethereum’s capabilities, transforming it into a secure multichain system endorsed by prominent industry players.
Recently, Polygon has unveiled the Polygon Miden Alpha Testnet v2, incorporating multiple new features designed to improve the developer experience.
The post Polygon Opens Community Funding Program For Applications, Allocating 35M MATIC For First Season appeared first on Metaverse Post.