Polkadot Treasury Controversy

ChainCatcher news, Manta Network co-founder Victor Ji posted on the X platform, expressing hope that core members of the Polkadot team could publicly state whether there are unfair or even discriminatory practices against Asian developers, particularly Chinese developers. He pointed out that several projects in the Polkadot Chinese community, such as Bifrost, Phala Network, DIN (formerly Web3Go), and MXC Foundation, have also expressed dissatisfaction with Polkadot's discrimination and false democracy.In addition, Kaito AI data indicates that although Bifrost's on-chain activity is significantly higher than that of KILT Protocol, the official X account mentions Kilt far more frequently than Bifrost.Victor Ji emphasized that Manta Network also faced unfair treatment when applying for funding incentives. He called on the Polkadot team to publicly respond and address these issues to eliminate toxic voices and a discriminatory environment in the Web3 space.Previous news, Manta Network co-founder Victorji.eth publicly criticized the Polkadot ecosystem on Twitter, calling it a "highly toxic" ecosystem that lacks true value for Web3 and does not focus on users or adoption rates.

ChainCatcher message, Web3 Foundation CEO fabi commented on the controversial Polkadot treasury issue, "This is not an expenditure of the Web3 Foundation, but rather on-chain treasury spending decided by community vote. The foundation has over 5 years of funding support (runway) and will not sell any DOT.In addition, treasury funds will continue to flow in and will never run out of funds. The treasury should use its funds for more existing initiatives not covered by the foundation. Some unused on-chain funds are even automatically burned. However, I personally agree with the overall point here. Over the past few months, the on-chain treasury has spent too much on activities with potentially low returns on investment."

ChainCatcher message, the PolkaWorld Chinese community stated on X that PolkaWorld opposed most of the so-called proposals to increase Polkadot's exposure during the first half of the year as a DV. Polkadot currently does not lack so-called advertising exposure and should not spend money on advertising exposure that has no conversion. Any advertising and exposure should be based on the product; otherwise, it is ineffective exposure and wasteful spending. Currently, what the Polkadot community needs the most is:Empowering teams that have already built great products, providing them with liquidity incentives to attract users to use these great products;Continuously nurturing and discovering new teams, new products, and new applications;Only when a user-friendly unicorn application emerges can it attract a large number of users to the Polkadot ecosystem and keep them within the Polkadot ecosystem.

ChainCatcher news, Manta Network co-founder Victorji.eth publicly criticized the Polkadot ecosystem on Twitter, calling it a "highly toxic" ecosystem that lacks true value for Web3 and does not focus on users or adoption rates. As the founder of the project with the largest TVL and market cap/FDV in the former Polkadot ecosystem, he stated that the team has completely shifted to the Manta Pacific project, as the Polkadot ecosystem is essentially "dead."Victorji.eth also accused the Polkadot team of discrimination against Asian developers, pointing out that projects from Europe and the United States receive far more funding than those from Asia. He encouraged developers to turn to more active ecosystems like Solana, Ethereum, and Bitcoin.

ChainCatcher news, Polkadot community members Alice and Bob recently published the 2024 first half Polkadot Treasury report on the official governance forum, with the following key points:The Treasury will allocate $87 million (11 million DOT) in the first half of 2024, with 13% of the expenditure coming from executing entities (bounties and collectives);The Treasury manages assets worth $245 million (38 million DOT), of which $188 million (29 million DOT) are liquid assets;Stablecoins: $8 million of its cash reserves are in stablecoins USDT and USDC, and an additional 2.5 million DOT ($16 million) is allocated for continuous purchases of stablecoins;Designated assets: $24.5 million (3.8 million DOT) is allocated to several executing entities (bounties and collectives) of Polkadot for strategic plans such as marketing, DeFi tools, gaming, BD, etc., with $6.4 million (1 million DOT) allocated for gaming vertical airdrops;Polkadot has provided 1.6 million DOT (approximately $10 million) of its own assets as liquidity to the DeFi market in the ecosystem;At the current rate of expenditure, the Treasury has about 2 years of runway (the volatility of the treasury in cryptocurrency terms may affect this duration).