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

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. 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.

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