On Thursday, Polygon Labs, an Ethereum scaling solution, unveiled the commencement of an $85 million grant program aimed at enticing leading Web3 talent to develop on its network. The initiative is designed to offer funding and support to promising projects spanning decentralized finance (DeFi), gaming, social media, identity solutions, and other sectors.
Polygon Labs to Expand Ecosystem with Grants
The grant program, with a maximum offering of up to $1.55 million per project, signifies Polygon’s recent initiative to broaden its ecosystem, which currently encompasses over 7,000 decentralized applications.
The grants will be disbursed in the form of Polygon’s native MATIC token, with a total of 110 million MATIC, equivalent to $85 million, allocated for this purpose. Developers have the option to apply for direct, larger grants or smaller quadratic funding grants, with recipients determined in part by donations from the Polygon community.
Fund Seeks to Attract Web3 Talent
The initiative comes amid escalating competition between Polygon and rival layer 2 networks operating on Ethereum. Networks such as Optimism and Arbitrum share a similar focus on providing scalability and low transaction fees to attract developers.
Polygon has emerged as a prominent Ethereum scaling solution, processing over 250 million total transactions. Nonetheless, congestion remains an issue during periods of peak demand. The developer grants aim to enhance Polygon’s tech stack and extend its decentralized app ecosystem.
The establishment of the $85 million fund underscores Polygon’s dedication to advancing Web3. As developer interest in blockchain technology continues to rise, Polygon’s grants have the potential to catalyze the development of the next generation of decentralized applications.
