Polkadot Founder Announces $ 775 Million Development Fund For DeFi

Polkadot Founder Announces $ 775 Million Development Fund For DeFi

Polkadot Founder Announces $ 775 Million Development Fund For DeFi By Daily EditorBitcoin

Gavin Wood invited DOT incumbents to submit their suggestions for furthering the growth of the network. Offers the treasury funds of Polkadot as an incentive.

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Last week, the network’s developer team Polkadot announced that parachains are officially ready for release in Polkadot and the long-awaited auction process of parachain, in which spaces are assigned for projects to build on the network, it will start as early as next month. This drove the price of DOT 20% of a hit after the announcement.

Now the founder of Polkadot, Gavin Wood, announced that USD $ 775 million are ready to spend on innovative ideas.

This is what he said on Twitter:

Polkadot’s treasury currently has 18,936,300 DOT (DOT, not USD – do the math) ready to spend on * your * ideas to build, improve, educate, and indeed anything else the Polkadot government deems valuable.

At the time of writing the article, the amount referred by Wood is equivalent to USD $ 775 million, with a DOT in USD $ 40.93

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So, according to the founder, instead of being slowly burned by the protocol, it will fund whatever project the network’s government deems valuable.

The on-chain governance system proposed by the network takes into account token holders, validators, a council and a technical committee.

“DOT in the treasury is a natural part of the network protocol. Sub-optimal fees, cuts, and participation setups are all contributing factors. ” continued the creator of Polkadot and Kusama to explain where the funds come from.

“If it is not used, it burns slowly. He currently burns 239,988 DOT every month ”, added.

It is proposed that the first auctions of parachains network start on November 11. The parachains (or parachains, as its translation into Spanish could be) will mark the last stage of the multi-phase launch process of Polkadot which began in May of last year, with the launch of the initial proof-of-authority version of Polkadot Relay Chain.

You can read more about Polkadot here.

Although today the price of DOT It is down, in the last week it has had an increase of 27%. In relation to the beginning of 2021, its price has shot up 350%, according to data from CryptoMarkets.

Sources: Twitter, Cryptoslate, Cointelegraph, file

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