Polygon Labs, the Ethereum scaling platform, has launched a grant initiative aimed at enticing developers to create applications within its ecosystem. The program involves providing a total of 110 million MATIC, the native token of Polygon Labs, which is valued at approximately $85 million as of the current writing. These grants are available for projects spanning decentralized finance (DeFi), gaming, social media, and various other sectors.
Polygon Labs announced in an email on Thursday that it will provide direct grants of up to 2 million MATIC (equivalent to $1.55 million) to more advanced projects. For early-stage projects, there is an option to apply for quadratic funding grants, a mechanism where community members contribute donations that serve as votes determining the allocation of funds.
Polygon stands as a prominent layer-2 network within Ethereum’s blockchain. Layer-2 networks operate off-chain and play a crucial role in enhancing the scalability and efficiency of the layer-1 blockchain by alleviating traffic and congestion. The entities behind these networks are actively competing to establish themselves as primary providers of blockchain technology for constructing layer-2 networks on Ethereum. Their strategy involves attracting developers, whether they are startups or established entities in the cryptocurrency industry, to build on their platforms.
Source: Coindesk