Polygon Labs Commences $85M Grant Program to Draw Builders to Its Ecosystem

Polygon Labs is offering 110 million of its native token, MATIC, to projects in DeFi, gaming and social media, among others.

AccessTimeIconNov 9, 2023 at 2:00 p.m. UTC
Updated Nov 9, 2023 at 4:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ethereum scaling platform Polygon Labs has started a grant program to entice developers to build applications in its ecosystem.

Polygon Labs is offering a total of 110 million of its native token, MATIC, worth around $85 million at the time of writing, to projects in decentralized finance (DeFi), gaming, social media and more.

Direct grants of up to 2 million MATIC ($1.55 million) will be offered to later stage projects, Polygon Labs said in an emailed announcement on Thursday. Early stage projects can apply for so-called quadratic funding grants, whereby community members make donations that act as votes on where they are allocated.

Polygon is one of the Ethereum's blockchain's leading layer-2 networks – off-chain networks that help to make the layer-1 blockchain more scalable and efficient by reducing traffic and congestion. The firms behind these networks are vying to position themselves as the dominant blockchain tech providers to build layer-2 networks on Ethereum by enticing developers to build on their platforms, be they startups or major players in the crypto industry.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.