Polygon wants to hand out $78M to boost on-chain activity

Polygon will reintroduce Polygon Village and hand out 110 million MATIC to ecosystem developers

November 9, 2023 09:00 am

Atstock Productions/Shutterstock modified by Blockworks

Polygon Labs has reimagined Polygon Village — a new place for grants, mentorship and networking for Polygon ecosystem developers.

More than 110 million Polygon MATIC (~$78 million) will be distributed to projects and builders in the Polygon ecosystem as part of its relaunch, in hopes of spurring more on-chain activity.

Polygon PoS is one of the largest blockchains today, with a total value locked (TVL) of $1 billion, according to information on DeFiLlama. Polygon’s zero-knowledge (zk) solution, Polygon zkEVM, on the other hand, has a TVL of roughly $22 million.

Projects at any developmental stage and of any type will be able to apply for grants. This includes DeFi projects, app chains, gaming, infrastructure and social startups.

Up to 2 million Polygon (MATIC) will be given as direct grants to later-stage projects from the Polygon Foundation, and early-stage teams will be able to apply for quadratic funding grants.

There are two quadratic funding grants that will be available as of today, with more grants to be revealed in the near future.

Beyond grants, Polygon Village will also provide other support for projects in its ecosystem. It will also offer mentoring opportunities and introductions to VCs.

Founders who are a part of Polygon Village will also gain access to builder houses and co-working spaces located in New York and Lisbon.

Vouchers and discounts in security and smart contract audits, storage, computing, oracle infrastructure and others will be offered to interested founders.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Newsletter

Blockworks Daily

Upcoming Events

Permissionless III Hackathon

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

learn more

Permissionless III

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

learn more

recent research

Research

Why Solana Mobile Should 100x Their Phone Production

Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.

by Luke Leasure