Friday, April 19, 2024

Polkadot Founder to Spend $774 Million on Development of the Network.

After announcing the parachain auctions last week, the founder of Polkadot, Gavin Wood, came out with another exciting announcement regarding the growth of the network. According to online sources, Wood has invited suggestions from Polkadot (DOT) holders around the world for developing the network and aiding in its growth. He also added that the company is ready to spend the treasury funds worth $774 million to finance any innovative ideas.

Currently, the Polkadot treasury comprises of around 18,936,300 DOT. Gavin Wood believes that instead of burning the funds slowly, it can rather be used to spend on ideas that the Polkadot governance deems valuable. Besides the Council and the Technical Committee, the proposed governance system of Polkadot also takes the validators and token holders into consideration. The company is planning to spend the treasury funds on ideas that focus on improving and building the network.

Gavin Wood also explained how the funds come into the Polkadot treasury. He said that the DOT are added as a natural part of the protocol of the network. The contributory factors come in the form of slashes, fees, and suboptimal staking configurations. He added that if the funds are left unused, they get burned slowly. Currently, around 239,988 DOT are burned every month.

Polkadot’s First Parachain

The first parachain auction on the network, which was announced last week, is all set to launch soon. According to news reports, the auctions are proposed to start from 11 November, 2021. Ever since the announcement of this launch, the price of DOT has risen by around 16 percent.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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