Polygon, a leading blockchain scalability platform, has unveiled plans for a $720 million Community Treasury, aimed at nurturing growth and innovation within the blockchain space over the next decade.
This initiative underscores Polygon’s commitment to expanding the reach and utility of blockchain technology, particularly within the Polygon and Ethereum ecosystems.
The Community Treasury, established through community consensus, will distribute approximately 100 million Polygon ecosystem tokens (POL) annually, totaling up to one billion POL tokens over the next ten years. The inaugural allocation includes 35 million Polygon tokens, valued at around $25 million, designated for the first season of the Community Grants Program (CGP).
The CGP introduces two tracks for developers: the General Grant Track and the Consumer Crypto Track. The General Grant Track, open to all applicants, focuses on areas such as decentralized applications (DApps), developer tooling, libraries, and protocol infrastructure. Conversely, the Consumer Crypto Track aims to support innovative blockchain applications catering to everyday users, including developers, creators, and entrepreneurs.
Ajit Tripathi, a board member of the Polygon Community Treasury, emphasized the inclusivity of the CGP’s first season, highlighting the broad range of projects eligible under the general grants track and the specific focus on consumer-centric blockchain applications under the consumer crypto track.
The application process for the inaugural season is currently open until August 31, with projects required to be built on the Polygon platform or willing to migrate to it, demonstrating potential for long-term viability. Grants, ranging from 5,000 to over 50,000 MATIC, will be overseen by the Community Treasury Board, which conducts monthly reviews and selections of projects.
It’s important to note that the Polygon Community Treasury operates independently from Polygon Labs and related entities, governed by a framework encouraging community participation to provide sustainable economic support for further development and growth within the Polygon ecosystem.
This initiative aligns with Polygon’s recent advancements in zero-knowledge technology, particularly the development of pessimistic proofs ensuring deposit security across different chains within the AggLayer network, reinforcing its position as a leading Ethereum scaling solution.
The announcement of the Community Treasury coincides with heightened activity and interest in the Polygon network, evidenced by its surpassing Ethereum in gas usage and monthly active users. While Polygon’s success may impact Ethereum’s adoption rate, its fluctuations in native token MATIC’s price, despite broad support from investors, indicate ongoing challenges.
Polygon remains a prominent player in the decentralized finance (DeFi) sector, leveraging its Proof-of-Stake (PoS), zero-knowledge Ethereum Virtual Machine (zkEVM), and Coconut Development Kit (CDK) to develop user-friendly blockchain solutions, essential to extending its influence within the blockchain community.
Source: coinfomania.com
