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Polygon Labs Commences $85M Grant Program to Draw Builders to Its Ecosystem
Polygon Labs is offering 110 million of its native token, MATIC, to projects in DeFi, gaming and social media, among others.
Updated Apr 9, 2024, 11:14 p.m. Published Nov 9, 2023, 2:00 p.m. 1 min read
Ethereum scaling platform Polygon Labs has started a grant program to entice developers to build applications in its ecosystem.
Polygon Labs is offering a total of 110 million of its native token, MATIC, worth around $85 million at the time of writing, to projects in decentralized finance (DeFi), gaming, social media and more.
Direct grants of up to 2 million MATIC ($1.55 million) will be offered to later stage projects, Polygon Labs said in an emailed announcement on Thursday. Early stage projects can apply for so-called quadratic funding grants, whereby community members make donations that act as votes on where they are allocated.
Polygon is one of the Ethereum's blockchain's leading layer-2 networks – off-chain networks that help to make the layer-1 blockchain more scalable and efficient by reducing traffic and congestion. The firms behind these networks are vying to position themselves as the dominant blockchain tech providers to build layer-2 networks on Ethereum by enticing developers to build on their platforms, be they startups or major players in the crypto industry.
Read More: Kraken Said to Seek Partner to Help Build It a Layer 2 Blockchain Network
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