Polygon Labs, an Ethereum scaling platform, has launched a grant program aimed at encouraging developers to create apps inside its ecosystem.A total of 110 million of Polygon Labs’ native token, MATIC, which is now valued at approximately $85 million, are being made available to projects related to social media, gaming, decentralized finance (DeFi), and other areas.
In an email on Thursday, Polygon Labs announced that direct funds of up to 2 million MATIC ($1.55 million) would be made available to follow-up projects.Grants for “quadratic funding” are available to early-stage enterprises; donations are made by community members, who then vote on how the funds are distributed. As an off-chain network that lessens traffic and congestion on the layer-1 blockchain, Polygon is one of the top layer-2 networks on the Ethereum blockchain.By luring developers, whether they are established players in the cryptocurrency space or startups, to build on their platforms, the companies that are powering these networks are trying to establish themselves as the leading blockchain tech suppliers in order to create layer-2 networks on Ethereum.