Polygon Relaunches Village Grant Program Worth ~$90M

Polygon developer Polygon Labs has relaunched its Polygon Village initiative, offering a new grant program of more than 110 million MATIC (worth around $91.3 million at the time of reporting) to help projects grow within the Polygon ecosystem. Beyond the funding available, Polygon Village 2.0 will offer projects an integrated support system encompassing strategic advice, mentorship, co-working spaces, and VC networking opportunities.

The quadratic funding model, as disclosed in last Thursday's announcement, combines smaller individual contributions with larger matching contributions from benefactors. This inclusive model allows community members to actively participate in shaping the allocation of ecosystem funds by submitting donations, and effectively casting votes for their preferred projects.

Notably, the community grant program is open to all projects, irrespective of their developmental stage. Polygon emphasizes its commitment to supporting founders by providing additional assistance, including strategic guidance, mentorship, co-working spaces, and networking opportunities.

This initiative follows Polygon's September 2023 announcement, revealing plans to replace the MATIC token with a new ecosystem token, the POL token. Additionally, Polygon aims to establish a network of interconnected layer-2 blockchains utilizing zero-knowledge proofs.

The Polygon Village structure consists of three key components: "Village Build Ideas," "Village Grants," and "Village Startup Support." Village Grants allocate the 110 million MATIC to companies contributing to the Polygon ecosystem. Village Build Ideas cater to those seeking inspiration for new projects. Village Startup Support enables projects to apply for web3 services and vouchers from providers like Google Cloud, AWS, and Alchemy.

A noteworthy aspect of the program is the inclusion of Village Builder Houses, offering co-working spaces for developers globally. Currently, Village Builder Houses have established locations in New York and Lisbon, fostering an environment conducive to collaboration.

Polygon's Polygon Village 2.0 initiative marks a significant move in advancing the web3 landscape, emphasizing inclusivity and robust support for projects at all developmental stages within its thriving ecosystem.