Polkadot DOT announces $774 million development fund for DeFi
Following last week’s DOT rally, heavily influenced by the announcement of Polkadot DOT long-awaited para chain auctions, Gavin Wood – the cryptocurrency’s founder – announced that $774 million is ready to be spent on innovative ideas.
Polkadot DOT, the famous cryptocurrency created by Gavin Wood, currently has 18,936,300 DOT coins in its treasury, which, according to the founder, instead of being burned by protocol, could be used to finance everything the network’s management considers valuable, to bring in new projects and attract the attention of even more investors.
Further DOT improvements regarding improving, education and much more – open to ideas
“The @Polkadot treasury currently has 18,936,300 DOT (DOT, not USD – do the math) in it ready to spend on *your* ideas for building, improving, educating and indeed, anything else that the Polkadot DOT governance believes valuable.”, Wood wrote on Twitter, inviting DOT owners to submit suggestions for promoting network growth.
The crypto’s blockchain governance system proposed by the network considers token holders and network validators, as well as a Council and a Technical Committee.
“The DOT in the treasury comes as a natural part of the network protocol. Fees, slashes and suboptimal staking configurations are all contributing factors,” added the creator of Polkadot and Kusama to explain where the funds come from.
“If it goes unused, it slowly gets burned. It currently burns 239,988 DOT every month,” he added to his statement.
Polkadot DOT – Ready to launch parachain slots
It is proposed that the network’s first parachain slot auctions begin on November 11, as if it goes unused, it will get burned. According to Wood, the team burns 239,988 DOT every month, as the heterogeneous multichain architecture described in the Polkadot DOT whitepaper is nearing release.
The price of DOT has risen by more than 16% in the last 7 days, following the developers’ announcement that Polkadot is technically ready to support its first parachains. Those will consist of various specialized blockchains designed to update and improve the innovative architecture of the blockchain’s multichain structure.
According to the whitepaper, the parachains will mark the final stage of Polkadot’s multi-phase launch process. The process began in May last year with the initial proof of authority version of the Polkadot DOT Relay Chain.
At the time of writing this article, Polkadot (DOT) is trading at $41.2911. It is highly expected that the launch of the first parachain auctions will bring much more attention to the cryptocurrency – so we might see an increase in its value. As stated previously, this will be a huge step, as this multi-chain type of structure is one of the last steps mentioned in the whitepaper.
The DOT community is slowly but surely growing, especially considering the last news in the final weeks regarding Polkadot DOT. According to Coinmarketcap, DOT is the number 8th ranked crypto, so all trading enthusiasts should be keeping their eyes open for the short-term upcoming announcements and evolution of this coin.
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