Polygon, a prominent network within the Ethereum ecosystem, has launched its Community Grants Program Season 01, aiming to support developers building on its platform. The initiative, announced in a press release, will distribute 35 million MATIC tokens to eligible projects.

Starting from June 11, the program will provide financial backing to developers working on projects within the Polygon network. The grants will initially be issued in MATIC due to an ongoing token upgrade, with future allocations planned in POL, the upgraded token.

Projects seeking grants must either be building on Polygon or express a willingness to migrate to the network, demonstrating a commitment to its long-term growth and sustainability. The approval process aims for an average turnaround time of four weeks, with applications reviewed continuously.

Polygon's Community Grants Program offers two distinct tracks to cater to a diverse range of projects. The General Grant Track welcomes applications from developers working on various aspects of the Polygon ecosystem, including developer tooling, protocol infrastructure, and decentralized applications (dApps).

In contrast, the Consumer Crypto Track focuses on projects driving consumer adoption of cryptocurrency, with an emphasis on areas such as gaming, gamified commerce, decentralized social platforms, AI/blockchain integrations, and NFT innovations.

Grant allocations will be overseen by the Community Treasury Board, an independent body responsible for ensuring transparent and equitable distribution of funds. Comprising industry experts and community members, the board ensures that resources are allocated effectively.

Polygon's Community Grants Program underscores its commitment to fostering innovation and growth within its ecosystem. It follows the recent acquisition of blockchain startup Toposware, aimed at advancing Zero-knowledge development and enhancing the platform's capabilities.

By supporting emerging projects and initiatives, Polygon aims to strengthen its position as a leading blockchain platform, driving forward the next wave of decentralized innovation.