2 months ago
Web3 Foundation and Parity Technologies, cardinal players successful the Polkadot ecosystem, person disclosed their fiscal independency from the network’s on-chain treasury.
The CEOs of the 2 companies revealed their “significant fiscal runway” aft caller reports raised concerns astir the blockchain’s fiscal health.
Parity Technologies is the blockchain infrastructure down Polkadot, and the Web3 Foundation supports the network’s maturation done funding and research.
Financial independence
Fabian Gompf, CEO of Web3 Foundation, clarified that the instauration has implicit 5 years of fiscal runway without selling DOT tokens.
Gompf further dismissed the concerns astir the treasury arsenic misleading, noting that “the treasury has continuous inflows [and is] ne'er going to tally retired of funds.”
However, Gompf suggested that the treasury should absorption connected initiatives not covered by the foundation. He criticized caller spending connected low-return activities and urged the assemblage to ballot for change.
Similarly, Björn Wagner, CEO of Parity Technologies, supported Gompf’s views. He noted that some organizations person important fiscal independency from the on-chain treasury, which receives ongoing inflows.
While Wagner agreed with concerns astir the caller spending, helium highlighted Polkadot Governance arsenic a starring and evolving DAO that has “plenty of accidental for those seeking to beryllium portion of gathering this breathtaking future.”
Industry recognition
Meanwhile, Polkadot’s treasury study has garnered important praise for its transparency wrong the crypto community.
Mikko Ohtamaa, CEO of Trading Strategy, commended the web for its unprecedented transparency and accountability successful the blockchain industry. He said:
“Public blockchains and foundations should beryllium transparent, arsenic they are morally liable for token holders (even if not legally). Polkadot led the mode here. Being transparent exposes past misdeeds, and you tin redeem your sins. There tin beryllium a alteration of a direction, turning a caller page.”
Several assemblage members person advised different crypto projects to travel Polkadot’s pb and merchandise their treasury reports. According to them, immoderate of these projects mightiness beryllium spending much connected ineffective activities without disclosing their fiscal presumption to their communities.
The station Web3 Foundation, Parity Technologies disregard Polkadot treasury depletion fears appeared archetypal connected CryptoSlate.
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