Polygon Boosts Ecosystem Growth With $90M Fund for Web3 Founders - NFTgators

Polygon Boosts Ecosystem Growth With $90M Fund for Web3 Founders – NFTgators

Time Stamp: November 9, 2023 1:04 PM
Source Node: 2970747

Quick take: 

  • Polygon Village has relaunched with a 110 million MATIC for web3 founders.
  • The grant program is available to all projects regardless of their stage in development.
  • The program will also offer support to projects including strategic guidance, mentorship, co-working spaces, and entrepreneurial networking opportunities.

Polygon has announced the launch of Polygon Village 2.0 with a 110 million MATIC, about $91 million to boost ecosystem growth.

The community grant program is powered by quadratic funding, a concept that combines small individual contributions with larger matching contributions from benefactors or contributors. This method allows community members to submit donations, which act as votes on where the ecosystem funds should be allocated.

According to the announcement on Thursday, the program is available to all projects within the community, regardless of their stages in development.

Announcing the launch via a post on X, Polygon said founders will receive additional support in the form of strategic guidance, mentorship, co-working spaces, and entrepreneurial networking opportunities.

This launch follows the September 2023, announcement that also revealed the Ethereum layer-2 scaling protocol was planning to replace the MATIC token with a new ecosystem token, the POL token. The company is also planning to create a new network of interconnected layer-2 blockchains powered by zero-knowledge proofs. 

Polygon Village is structured into three parts, namely, “Village Build Ideas,” “Village Grants,” and “Village Startup Support.”

Village Grants include the 110 million MATIC to be offered to companies building on the Polygon ecosystem, while Village Build Ideas is designed for those seeking inspiration for new projects.

Village Startup Support allows projects to apply for Web3 services and vouchers from providers such as Google Cloud, AWS, and Alchemy. 

The program also features Village Builder Houses, which offers co-working places for developers across the world. Currently, Village Bulder Houses has locations in New York and Lisbon.

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