Coinfeeds Daily → Polygon Labs Launches $90M Fund to Boost Ecosystem Growth

Polygon Labs Launches $90M Fund to Boost Ecosystem Growth

Published: Nov 10, 2023 | Last Updated: Nov 10, 2023
Howard Kane

Polygon Village 2.0 initiative aims to foster innovation and provide comprehensive support to projects within the Polygon ecosystem

Polygon Labs, a leading player in the blockchain space, has recently launched a significant initiative to boost its ecosystem. The initiative, known as Polygon Village 2.0, is a $90 million fund aimed at fostering growth and development within the Polygon ecosystem. This move follows the proposals for the Polygon 2.0 upgrade, which seeks to establish a network of interconnected Layer 2 chains powered by zero-knowledge proofs.

Polygon Village 2.0: A Three-Pronged Approach

The Polygon Village 2.0 initiative comprises three main components: Village Grants, Village Build Ideas, and Village Startup Support. These components are designed to provide comprehensive support to projects within the Polygon ecosystem, regardless of their stage of development.

Village Grants will provide financial support to projects, while Village Build Ideas will offer a platform for innovative concepts to be shared and developed. Village Startup Support, on the other hand, will provide mentorship, networking opportunities, and additional resources to startups within the ecosystem.

Attracting Developers with Grant Programs

In addition to the Polygon Village 2.0 initiative, Polygon Labs has also launched an $85 million grant program. This program is designed to attract developers to build applications within the Polygon ecosystem. The grants, which will be offered in the form of Polygon's native token, MATIC, will be available to projects across various sectors, including decentralized finance, gaming, and social media.

The grant program offers direct grants of up to $1.55 million for later-stage projects, as well as quadratic funding grants for early-stage projects. This move positions Polygon Labs as a leading layer-2 network on Ethereum, aiming to entice more developers to build on its platform.

Boosting the Ecosystem with Comprehensive Support

The launch of Polygon Village 2.0 and the grant program signifies Polygon Labs' commitment to nurturing its ecosystem. By providing financial support, mentorship, and networking opportunities, Polygon Labs aims to foster innovation and growth within its ecosystem.

With these initiatives, Polygon Labs is not only boosting its own ecosystem but also contributing to the broader cryptocurrency space. By welcoming initiatives at any stage of development, Polygon Labs is creating a more inclusive and supportive environment for blockchain innovation.

Enjoyed reading this article? Subscribe for daily market and news updates.
Let me read it first >