Amid a growing storm of controversy, blockchain platform Polkadot is now facing accusations of discrimination and toxicity within its ecosystem, in addition to concerns about an imminent threat funding crisis for his Treasure.
Polkadot criticized for neglecting Asian developers
Decentralized network Manta co-founder Victor Ji recently took to social media to air his grievances. scathing messageJi claimed that the Polkadot Academy event held in Hong Kong last February was severely lacking in Asian representation, with less than a quarter of attendees being Asian, despite the event being held in the region.
Ji further claimed that when he introduced himself to Polkadot co-founder Gavin Wood at the event and mentioned Manta Network, Wood expressed interest in the project, unaware that Manta had already launched its mainnet.
Ji said it is “proof that we are not being treated unfairly because we do not work hard enough or perform poorly, but because of our region.”
Manta’s co-founder said the “OneBlock” organizer had been reaching out to the Polkadot team for days with no response despite reading their messages on Telegram. social media platform.
Ji stressed that this funding is crucial for developer organizations in developing countries, and he pledged to personally sponsor $80,000 to support builders leaving the Polkadot ecosystem.
Adding to the controversy, Ji described the Polkadot ecosystem as “highly toxic” and devoid of “any real value to web3” while accusing the Polkadot team of being “incapable and not truly decentralized.”
Ji also expressed disappointment that the Polkadot team is not focusing on supporting builders on their stack, leading Manta Network to move away from development on the Polkadot parachain and instead focus its efforts on Ethereum Layer 2 Solutions.
Fears of possible insolvency intensify
These allegations of discrimination and toxicity come at a particularly difficult time for Polkadot, as the network’s treasury is also facing a potential funding crisis.
As reported On Monday, per our sister website NewsBTC, a recent report on Polkadot Treasury’s finances for the first half of 2024 revealed that it had spent a total of $86 million while managing $245 million (38 million DOT) in assets, with $188 million (29 million DOT) in liquid form.
The worrying rate of consumption indicates that the Treasury could face insolvency in less than two years if current spending habits continue. This has sparked concern among the Polkadot community, which is now closely monitoring the situation and calling for greater transparency and tax liability from the platform management.
As the blockchain platform grapples with these multifaceted challenges, the broader crypto community will be watching closely to see how the platform responds to allegations of discrimination and toxicity and the looming threat to its financial stability. There has been no official response to these allegations made by Manta’s co-founder.
At the time of writing, DOT is trading at $6,370, up 1.3% over the 24-hour period, as the broader market recovers from a sharp correction experienced last week.
Featured image of DALL-E, chart from TradingView.com
