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Polygon Funds Web3 Development With $100,000 Pledge to Gitcoin Grants Round 14

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Polygon Funds Web3 Development With $100,000 Pledge to Gitcoin Grants Round 14

Polygon, the decentralized Ethereum Scaling Platform, is donating $100,000 to Gitcoin Grants Round 14 to increase the ongoing support for new projects and Dapps developing on the polygon ecosystem.

However, Polygon has already promised a donation worth $1 million to Gitcoin, which will spread over five quarterly grants until December 2022. Polygon pledged a huge donation to Gitcoin to ramp up and encourage the growth of the Web3 space with increased development of Web3 projects on the polygon ecosystem.

Polygon Funds Web3 Development With $100,000 Pledge to Gitcoin Grants Round 14

Currently, the Polygon Ecosystem Round application is open to everyone that meets the essential criteria. A matching pool of $100,000 will be paid out in DAI, for which Polygon holds sole discretion on which grants are eligible for matching. The GitcoinDAO Public Goods Funding Workstream will process all disputes in consultation with Polygon’s round representatives.

According to the blog post, “The Gitcoin Grants Matching Round 14 uses Quadratic Funding to help Polygon figure out how to democratically distribute our matching pool funds. Interested teams need to submit proposals describing the purpose of their project.” Finally, Gitcoin community members get to choose the projects they want to fund. But instead of matching funds 1:1, QF prioritizes the number of unique contributions.

For instance, if one project receives a single donation of $1000 and another receives three donations of $330 each, the second project will take home a larger slice of Polygon’s Grant. This way, Gitcoin pushes power away from whales and moneyed actors and ensures they do not attack the funding pool.

Polygon’s Grant Eligibility Criteria

Applications for the Polygon Ecosystem Round are open to anyone who meets the following eligibility criteria:

  1. The Grant must support or directly advance the Polygon community and protocol.
  2. The Grant may not have any form of quid pro quo that has financial value (a scenario in which a user gets some additional unique benefit/award in return for their donation)
  3. The Grant owner must be directly affiliated with the project; the funds must go to the project, and the funds must be used for the purposes stated in Grant’s details.
  4. The Grant should be focused on accomplishing the following for Polygon:
    • Usability – improving the user experience
    • Community – growing the ecosystem.
    • Tooling – improving the developer experience
    • Governance – building tools and enhancements for governance
  5. DApps – applications integrating with and supporting Polygon
  6. The project should not have its token or have raised VC funding (matching funds are reserved for the aspiring projects!)
  7. The Grant should be open source.

Note: There will be a 10% matching cap in this round, meaning the most matching any grant can receive is 10% of the total pool.

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