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.

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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.

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