Layer-2 network Polygon Labs announced on Tuesday that it is launching a Community Grants Program to incentivize builders to construct inside its ecosystem.Over the course of the next ten years, the program seeks to give developers ownership of one billion POL, Polygon’s soon-to-be rebranded MATIC token. On Tuesday, the program went live, allowing users to distribute 35 million tokens, which are currently valued at $23 million. This first tranche of tokens will be valued in MATIC, as the network is in the process of switching from its existing coin, MATIC, to the new POL ticker.
The program will tap into funds made available by Polygon’s Community Treasury, and the team shared that roughly 100 million POL tokens will be given out each year.
There are two paths available to those who want to take part in the program. First, there is a “General Grant Track,” as the company refers to it, for builders who want to construct anything on Polygon. The second is the “Consumer Crypto Track,” which focuses on initiatives like gaming, decentralized social apps, blockchain and AI integrations, and NFT technologies that encourage the adoption of cryptocurrencies.
“The grant program follows proposals to ensure that Polygon becomes a strong, community-governed aggregated network of chains,” Polygon wrote in a blog post.