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- The announcement was part of the relaunched “Polygon Village” incubator.
- Direct grants of up to 2 million MATIC would be given to late-stage projects.
Optimism in the crypto market and Web3 technology have returned, contradicting critics’ gloomy forecasts during the peak of the bear market. The proponents hoped that the positivity would spark a flood of investments in the sphere and lead to people embracing the technology like never before.
Polygon’s new funding initiative
Looking in the same direction, Polygon Labs [MATIC] announced a new grants program for Web3 startups looking to build within its ecosystem.
As part of the initiative, nearly 11o million coins in native MATIC, worth $92 million at current market price would be provided to projects cutting across decentralized finance (DeFi), gaming, social finance (SocialFi) and more.
Polygon Village is back, shinier, and better than ever.
With a grant program of more than 110 million in MATIC, deep mentoring, and ecosystem support, Village is the home for web3 founders.
Because it takes a village to build a unicorn.https://t.co/xoHG7LgjQG
A quick tour 🧵 pic.twitter.com/ck0SYf4Eb0
— Polygon (Labs) (@0xPolygonLabs) November 9, 2023
The structure includes direct grants of up to 2 million MATIC to late-stage projects while a quadratic funding program for early-stage startups. For the unknown, quadratic funding is a community-driven fundraising mechanism.
Mentorship for budding developers
The announcement was part of the relaunched “Polygon Village”, an incubator for Polygon network developers. Apart from the money, the participants would have access to a catalog of ready-made ideas developed within the ecosystem.
The teams which select any idea from the list would get 1:1 mentoring and assistance throughout the project tenure.
Moreover, at any stage of the project, participants could engage with top founders, investors, and marketing strategists from across Web3. This could help them gain meaningful insights on various aspects, including technology and business.
Well, this was not the first time that Polygon had undertaken such initiatives.
Read MATIC’s Price Prediction 2023-24
Earlier in the year, co-founder Sandeep Nailwal launched a fellowship to finance early stage Web3 developers. The fellowship invests $500,000 every year, divided equally among 10 people.
The announcement of the grants program, combined with bullish market mood helped the native coin. At the time of writing, MATIC was exchanging hands at $0.83, up 3.38% in the last 24 hours, per CoinMarketCap.