In a growing storm of controversy, the Polkadot blockchain platform is now facing accusations of discrimination and toxicity within its ecosystem, as well as concerns about an impending Funding crisis To her closet.
Polkadot Criticized for Neglecting Asian Developers
The co-founder of the decentralized Manta Network, Victor Ji, recently took to social media to air his grievances. scathing postJi alleged that the Polkadot Academy event held in Hong Kong last February was severely lacking in Asian representation, with less than a quarter of the participants being Asian, even though the event was held in the region.
Ji also claimed that when he introduced himself to Polkadot co-founder Gavin Wood at the event and mentioned the Manta network, Wood expressed interest in the project, without knowing that Manta had already launched its mainnet.
According to Ji, this is “proof that we are not being treated unfairly because we don’t work hard enough or do a bad job, but because of our region.”
One of the founders of Manta stated that the organizer of “OneBlock” contacted the Polkadot team for days without a response despite reading their messages on the social media platform Telegram..
Ji stressed that this funding is essential for developer organizations in developing countries, and pledged to personally sponsor $80,000 to support developers leaving the Polkadot ecosystem.
In addition to the controversy, Ji described the Polkadot ecosystem as “extremely toxic” and lacking “any real web3 value” while accusing the Polkadot team of being “incapable and truly decentralized.”
Ji also expressed his disappointment that the Polkadot team is not focusing on supporting builders on their stack, which has led Manta Network to move away from development on the Polkadot subchain and instead focus its efforts on Ethereum Layer 2 Solutions.
fueling fears of possible bankruptcy
These accusations of discrimination and toxicity come at a very difficult time for Polkadot, as the network’s treasury is also facing a potential funding crisis.
like Reported On Monday, our sister site NewsBTC published a fresh report on Polkadot’s treasury financials for the first half of 2024, revealing that it 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 alarming rate of depletion suggests that the Treasury could face bankruptcy in less than two years if current spending patterns continue. This has raised concerns among the Polkadot community, who are now closely monitoring the situation and demanding more transparency and Financial Responsibility From the platform leadership.
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, toxicity, and an imminent threat to its financial stability. There has been no official response to these allegations made by the Manta co-founder.
At the time of writing, DOT stock is trading at $6,370, up 1.3% on the 24-hour time frame, as the broader market recovers from last week’s sharp correction.
Featured image by DALL-E, chart by TradingView.com