Polkadot Founder Gavin Wood Teases Funding Network worth Over $750 Million


Polkadot founder Gavin Wood, 41, has revealed plans to invest around $774 million (about Rs 5,800 crore) in developing the open-source crypto network. To fund the development, Wood plans to use the dormant native token Polkadot (DOT) – which has registered some growth in recent days. According to Gadgets 360 Crypto Price Tracker, Polkadot is currently trading at $1,009 (approximately Rs.3,246) as of October 20. In a tweet, Wood revealed that 18,936,300 DOT tokens are currently lying idle at the Polkadot Treasury.

These tokens could have been “burnt” or taken out of circulation, but instead, Wood planned to use them to move forward. polka dot Architecture. The founder has also indicated that changes to the network will be based on ideas suggested by Polkadot investors and supporters.

“DoT comes into the treasury as a natural part of the network protocol. Fees, deductions and sub-optimal bet configuration are all contributing factors. If it goes unused, it slowly burns out,” Wood said in his Explained on Twitter thread.

According to the founder, Polkadot typically burns 239,988 DOT tokens every month which is over $10 million (approximately Rs 75 crore).

The public reaction to Wood’s tweet supported his idea of ​​using dormant DOT tokens to grow the network.

Wood’s announcement comes a few weeks ahead of Polkadot’s first Para Chain slot auction which is set to begin on November 11.

This auction will allow multiple blockchain projects to be integrated with Polkadot cryptocurrency Governance, security and decentralized mechanism, said the news portal Medium report good.

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