- By distributing tokens over ten years, a Polygon community treasury has revealed a long-term plan to incentivize developers to build utilizing the blockchain.
- The Treasury announced that it will distribute 35 million MATIC (about $22 million) for “Season 1.”
A community treasury for Polygon has revealed a long-term plan to promote blockchain development, which entails unlocking 1 billion tokens over the course of ten years.
The treasury announced in an announcement that the Community Treasury has been established following community consent. One billion POL will be unlocked over ten years, with about 100 million POL being released year, exclusively for builders. The native token of Polygon will eventually be POL, taking the place of MATIC.
Applying for “Season 1” of the program, prospective builders can do so starting on Tuesday, according to the Treasury. The announcement added that the government will give projects developing on Polygon 35 million MATIC, or roughly $22 million, as part of the incentivized program’s first phase.
Grants will range from “5,000 to 50,000+ MATIC,” according to the Treasury’s release, and the application deadline for “Season 1” is August 31, 2024.
Apart from Polygon Laboratories
According to a Polygon forum post, the Polygon Community Treasury is an in-protocol fund that is separate from Polygon Labs (and other Polygon companies) and is managed via a system designed to encourage community involvement. It was created with the intention of continuously supplying financial assistance for the Polygon ecosystem’s expansion and improvement.
The Treasury stated in its announcement on Tuesday that awards in POL will be awarded eventually, but not in this initial wave. According to the Treasury’s announcement, Season 1 grants will be awarded in MATIC due to the ongoing token upgrade from MATIC to POL.
As part of its Polygon 2.0 vision, Ethereum scaling solution Polygon suggested a technological enhancement for its native MATIC coin about a year ago. It is intended for the new POL token to be able to be staked on several chains in the Polygon ecosystem.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
