Reddit Co-Founder Alexis Ohanian, Ethereum scaling solution Polygon, and Seven Seven Six revealed a new $200 million initiative focused on projects developing “the future of social media and Web3.” Ohanian wrote in a tweet that Web3 represents the whole future of the Internet with the initiative to support not only social media but also games.

While the initiative is focused on Web3-related projects, it is backed in dollars and not in Polygon's token — MATIC, the protocol Co-Founder Sandeep Nailwal told The Block. Seven Seven Six wrote on Twitter that the initiative will be primarily focused on Polygon-based products. However, it remains unclear what the requirements are and what projects are eligible for funding.

As of press time, MATIC is trading at $2.13 (-3.23%). The project’s market capitalization decreased to $15.1 billion.