Polygon Announces $720 Million Community Treasury to Fuel Ecosystem Growth

Polygon, a leading Ethereum scaling solution, has launched a massive $720 million Community Treasury initiative dedicated to supporting

Written by: Arslan Butt • Wednesday, June 12, 2024 • 1 min read

• Last updated: Wednesday, June 12, 2024

Polygon Announces $720 Million Community Treasury to Fuel Ecosystem Growth

Polygon, a leading Ethereum scaling solution, has launched a massive $720 million Community Treasury initiative dedicated to supporting blockchain projects over the next decade. This move signifies Polygon’s commitment to fostering a vibrant ecosystem for developers and builders.

Key Highlights of the Community Treasury

Distributing 1 Billion MATIC Tokens: The Treasury will distribute roughly 100 million MATIC tokens (Polygon’s native currency) annually, totaling 1 billion tokens over ten years.
Supporting Diverse Projects: Two funding tracks are available in the first season:
- General Grant Track: Open to all developers, focusing on decentralized applications (dApps), developer tooling, and protocol infrastructure.
- Consumer Crypto Track: Supports projects creating innovative blockchain applications for everyday users.
Open Applications: The inaugural season of the Community Grants Program (CGP) is accepting applications from June 11 to August 31.
Focus on Early-Stage Projects: Grants ranging from 5,000 to over 50,000 MATIC will be awarded to promising projects demonstrating long-term potential.
Community-Driven Governance: A Community Treasury Board will oversee the selection process.

Polygon’s Recent Surge

This announcement comes amidst a positive period for Polygon. Here are some recent developments:

NFT Sales Boom: Polygon’s NFT ecosystem has seen a significant surge, with trading sales volume jumping 28% in the past 24 hours. This surpasses both Solana and Bitcoin’s NFT sales volume.
Exceeding Ethereum’s Monthly Active Users: Polygon’s co-founder announced that the network’s Monthly Active Users (MAU) has surpassed Ethereum’s, indicating a growing user base.

Looking Ahead

The Community Treasury initiative is a strategic move by Polygon to solidify its position as a leading blockchain development platform. By supporting early-stage projects and fostering innovation, Polygon aims to build a robust and sustainable ecosystem for the future.