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- Polygon (MATIC), a prominent cryptocurrency project, has announced a grant program.
- This initiative by the Polygon community treasury aims to incentivize developers and creators on its network.
- The first season of the program will distribute approximately $22 million worth of 35 million MATIC.
Discover the details of Polygon’s new grant program and its transition from MATIC to POL in this comprehensive article.
Polygon Launches Grant Program for Developers
In a bid to encourage innovation and project development on its network, Polygon has unveiled a new grant program. The announcement detailed that the first season will see the distribution of 35 million MATIC, valued at around $22 million. Interested developers and project creators can start applying for this grant from June 11, with the application window closing on August 31, 2024.
Transition from MATIC to POL
Polygon is currently on the brink of a significant upgrade, which involves transitioning from its native token MATIC to a new token called POL. Due to this impending change, the grants in the first season will be distributed in MATIC, while subsequent seasons will see rewards given in POL. The team noted:
“Given the ongoing token upgrade from MATIC to POL, grants for Season 1 will be awarded in MATIC, and future seasons will utilize POL.”
Funding and Governance
The Polygon team has also outlined the structure and governance of the community treasury managing this program. The treasury is designed to support builders with approximately 100 million POL annually over the next decade, making a total of 1 billion POL locked for community development. This protocol-internal fund operates independently of Polygon Labs and other Polygon entities, aiming to boost community participation.
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Market Reaction
As per CoinGecko’s data, MATIC experienced a 3% decrease in value over the past 24 hours, trading at $0.62 at the time of writing. This fluctuation underscores the market’s dynamic nature amid Polygon’s ongoing developments and announcements.
Conclusion
Polygon’s new grant program represents a significant opportunity for developers and creators within the cryptocurrency space. By providing substantial financial incentives, Polygon seeks to bolster network innovation and engagement. The forthcoming transition to the POL token adds another layer of excitement and anticipation. Stay connected to Polygon’s updates to navigate these evolving opportunities effectively.
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