New developments continue to emerge in blockchain ecosystems. In line with this, Polygon Labs has introduced a new grant program with a budget of over 110 million MATIC tokens to assist in the development of projects in the Polygon ecosystem. The Polygon Village initiative, currently valued at approximately $91.3 million, has been relaunched by the team.
Notable Steps from the Polygon Team
According to a recently published blog post, Polygon Village 2.0 aims to provide an integrated support system that goes beyond the existing financing system, offering strategic advice, consultancy, co-working spaces, and opportunities for VC network formation to prominent projects.
Polygon Village 2.0 follows the Polygon 2.0 upgrade proposals, which were released in September and aim to establish a comprehensive network consisting of interconnected Layer-2 networks supported by zero-knowledge proofs. It also involves the creation of a POL token, which will replace the native token of the ecosystem, MATIC, in various capacities.
The grant program is divided into three components: Village Grants, Village Build Ideas, and Village Startup Support. The community grants program stands out as a structure that seeks to solve the problems of standout projects in the crypto sectors, including DeFi, SocialFi, gaming, and infrastructure, at any stage of development.
What Does the Support Consist of?
The $90 million worth of funds covers direct grants of up to 2 million MATIC tokens worth $1.7 million for post-foundation stage projects and grant funds in separate areas for early-stage teams. Quadratic funding aims to strengthen existing resources by inviting community members to donate to projects and serves as a voting mechanism for allocating funds. The larger the support, the greater the matching within the program.
In addition, Polygon Village Startup Support aims to provide support for various areas ranging from smart contract audits to storage solutions and Web3 infrastructure. It also aims to provide teams with the opportunity to interact with a network consisting of technology experts, the Polygon Labs team, VCs, and marketing strategists to help bring their projects to life.
Embodying the spirit of community connection, Polygon Village also includes Village Builder Houses, real-life hubs in New York and Lisbon for networking and resource sharing.