Polygon Labs, a leading provider of Ethereum's layer-2 network, has initiated a substantial grant program Today, aiming to fuel the development of applications on its platform. The company has allocated 110 million MATIC tokens, equivalent to $85 million, for projects across diverse sectors including decentralized finance (DeFi), gaming, and social media.
The grant program is structured to cater to both early and later-stage projects. Direct grants of up to 2 million MATIC ($1.55 million) are available for mature projects. On the other hand, early-stage initiatives can apply for quadratic funding grants. This unique funding model allows community-driven fund allocation, thus fostering a more inclusive and democratic approach to resource distribution.
By launching this initiative, Polygon Labs is intensifying its efforts to become the preferred technology provider for constructing layer-2 networks within Ethereum's blockchain ecosystem. Layer-2 networks like Polygon are vital in enhancing the scalability of layer-1 blockchains by alleviating traffic congestion.
This move comes amidst an increasingly competitive landscape where firms such as Polygon Labs and Kraken vie for dominance in the blockchain technology space by attracting developers and key stakeholders in the crypto industry.
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