The creator of Polkadot announces a $774 million development fund for Defi
Wood encouraged DOT holders to submit ideas on how to expand the network, giving Polkadot’s treasury cash as an incentive.
Gavin Wood teased $774 million available to be spent on creative ideas after DOT’s surge last week, fueled by the revelation of Polkadot’s highly anticipated para chain auctions.
Polkadot, founded by Wood, now has 18,936,300 DOT in its treasury, which, according to the creator, may be used to finance anything deemed worthwhile by the network’s governance.
“The Polkadot treasury currently has 18,936,300 DOT (DOT, not USD – do the math) available to spend on your ideas for building, improving, educating, and indeed, anything else that the Polkadot governance deems valuable,” Wood wrote on Twitter, inviting DOT holders to submit ideas for advancing the network’s growth.
On-chain governance for the network is planned to include token holders, validators, a Council, and a Technical Committee.
“The DOT in the treasury is a logical extension of the network protocol. Fees, slashes, and inefficient staking settings all contribute to where the money comes from,” the inventor of Polkadot and Kusama proceeded to explain. “If it is left unattended, it slowly burns. “At the moment, it consumes 239,988 DOT each month,” he said.
Prepared to deploy the para chain
On November 11, the network’s first para chain slot auctions are planned to commence, as the heterogeneous multichain architecture described in the Polkadot Whitepaper approaches collapses.
The price of DOT has increased by more than 16% over the last seven days, after the developers’ revelation that Polkadot is theoretically ready to accommodate its first parachains — varied, specialized blockchains that will realize the network’s ground-breaking multichain design.
Parachains will conclude Polkadot’s multi-phase launch process, which began in May last year with the release of the Polkadot Relay Chain’s first proof-of-authority version.
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