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Polygon Labs, a leading provider of Layer 2 networking, today launched a major grants program aimed at fueling application development on its platform. The company has allocated 110 million MATIC tokens, equivalent to $85 million, for projects in various sectors, including decentralized finance (DeFi), gaming and social media.
The grant program is structured to meet the needs of projects at the beginning and end of the cycle. Direct grants of up to MATIC 2 million ($1.55 million) are available for mature projects. On the other hand, early-stage initiatives can apply for quadratic funding grants. This unique funding model allows for community-driven allocation of funds, promoting a more inclusive and democratic approach to resource distribution.
By launching this initiative, Polygon Labs is stepping up its efforts to become the preferred technology provider for building Layer 2 networks in the Ethereum blockchain ecosystem. Layer 2 networks such as Polygon are key to improving the scalability of Layer 1 blockchains by reducing traffic congestion.
The move comes amid an increasingly competitive landscape where companies such as Polygon Labs and Kraken are vying to dominate the blockchain technology space by attracting developers and key stakeholders in the crypto industry.
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