A Polygon community treasury has announced a long-term plan to spur development on the blockchain that involves unlocking 1 billion tokens over a decade. 

"After community consensus, the Community Treasury has been created, with 1 billion POL unlocked over 10 years, with [approximately] 100 million POL per year, all for builders," the treasury said in an announcement. POL is set to become Polygon's native token, replacing MATIC eventually.

The treasury said would-be builders could apply starting Tuesday for "Season 1" of the program. In the initial phase of the incentivized program, the treasury "will distribute 35 million MATIC (about $22 million) to projects building on Polygon," the statement also said.

The application deadline for "Season 1" is August 31, 2024, and grants will …