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Polygon Unveils $720 Million Fund to Support Blockchain Projects: Developers Rejoice

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In a significant boost for blockchain development, Polygon has unveiled a whopping $720 million Community Treasury.

Moreover, this dedicated fund aims to empower creators by financing innovative projects built on both the Polygon and Ethereum networks.

Targeting developers within these ecosystems, the initiative promises a decade of support, fostering a vibrant landscape for blockchain applications.

Polygon Pours $720 Million into Blockchain Future with Community Treasury and ZK Tech Acquisition

Polygon has unveiled a $720 million Community Treasury, set to support blockchain projects over the next decade.

Notably, this fund is important because it helps developers in both the Polygon and Ethereum ecosystems.

The project starts by giving away 35 million Polygon tokens worth about $25 million for the first season of the Community Grants Program.

For the next ten years, they plan to give out roughly 100 million Polygon tokens annually.

The first season of funding offers two main tracks for developers. This includes the General Grant Track and the Consumer Crypto Track.

Meanwhile, the General Grant Track is open to all types of projects without stringent eligibility requirements.

However, Polygon has highlighted certain areas of interest, such as decentralized applications (DApps), developer tools and libraries, and protocol infrastructure.

Ajit Tripathi, a board member of the Polygon Community Treasury, discussed the Consumer Crypto Track.

He pointed out that this “track aims to support developers, creators, and entrepreneurs who are focused on creating innovative blockchain-based applications for everyday users.”

Moreover, the substantial funding initiative shows Polygon’s dedication to advancing innovation and growth in the blockchain sector.

Apply for Polygon’s Community Grant Program

Right now, the first-ever season of the Community Grants Program (CGP) is accepting applications.

You can submit your project ideas from June 11 to August 31.

Meanwhile, to qualify, your project needs to be already using MATIC or be ready to switch to it.

Also, you must show that it can last a long time.

The grants you could get range from 5,000 to more than 50,000 MATIC tokens.

Furthermore, the Community Treasury Board will determine which project receives funding.

Polygon has made progress in a technology called zero-knowledge, which they call pessimistic proofs.

These pessimistic proofs ensure that one chain can’t mess up the deposits on another chain in the AggLayer network.

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