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Polygon Donates $100,000 to Gitcoin Grants Round 14 for Web3 Development



Polygon Donates $100,000 to Gitcoin Grants Round 14 for Web3 Development

Polygon the decentralised Ethereum scaling platform today announces the $100,000 donation to Gitcoin Grants Round 14. Polygon is donating this amount to ramp up the ongoing support for new projects and web3 development.

However, the core team has already pledged $1 million to Gitcoin over five quarterly grants until December 2022. All these funds will encourage the growth of web3 projects building on the Polygon ecosystem.

The official Twitter handle of Polygon Network tweets, “Polygon has donated $100,000 to the gitcoin Grants Round 14 and the core team has pledged $1M as part of the continued efforts to support upcoming Web3 projects building onPolygon.”

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.

According to the blog post, “The Gitcoin Grants Matching Round 14 uses Quadratic Funding to help Polygon figure out how to distribute our matching pool funds democratically. Interested teams need to submit proposals describing the purpose of their project.”

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.