Polkadot Academy Hit with Manta Network Co-Founder’s Discrimination Allegations

Polkadot Academy Hit with Discrimination Allegations

YEREVAN (CoinChapter.com) — Polkadot is under scrutiny for alleged discrimination within its ecosystem. Victor Ji, co-founder of the decentralized network Manta, criticized the Polkadot Academy event in Hong Kong this past February. He put forth that less than a quarter of the participants were Asian, despite the event’s location.

Manta Network Founder Criticizes Polkadot Ecosystem"

Source: Twitter, @victorJi15
Manta Network Founder Criticizes Polkadot Ecosystem. Source: @victorJi15

Ji shared his perspective of an experience with Polkadot co-founder Gavin Wood at the event. He claimed that Wood expressed interest in Manta Network and that he was unaware that Manta had already launched its mainnet. Ji claimed this showed that their region, not their work quality, was the reason for being overlooked. Ji also mentioned that the “OneBlock” organizer contacted the Polkadot Academy team for days without receiving a response, even though their messages were read on Telegram.

Manta Network Shifts Focus Amid Polkadot Criticism

Ji described the Polkadot ecosystem as “highly toxic” and lacking “any real value for web3.” He accused the Polkadot team of being “incapable and not truly decentralized.” Ji emphasized the importance of funding for developer organizations in developing countries. He pledged to personally sponsor $80,000 to support builders leaving the Polkadot ecosystem.

Ji expressed disappointment over Polkadot’s lack of support for builders on their stack. This led Manta Network to shift its focus from developing on the Polkadot parachain to Ethereum Layer 2 solutions.

Treasury Funding Crisis Sparks Community Concerns

These allegations come as Polkadot’s Treasury faces a potential funding crisis. A recent report on Polkadot Treasury’s financials for the first half of 2024 revealed that it had spent $86 million. It currently manages $245 million (38 million DOT) in assets, with $188 million (29 million DOT) in liquid form.

"Polkadot Treasury Asset Breakdown"

Source: Polkadot Treasury Report
Polkadot Treasury Asset Breakdown. Source: PolkadotTreasuryReport

The burn rate indicates that the Treasury may face insolvency in less than two years if current spending patterns continue. This has raised concerns among the Polkadot community. They are calling for greater transparency and fiscal responsibility from the platform’s leadership.

Despite the controversy, Polkadot’s native token, DOT, shows resilience. The 1-day chart indicates DOT’s price trending upwards. Currently, DOT is trading at $6.370, up 1.3% in the 24-hour timeframe, as the market recovers from last week’s sharp correction.

The 1-D chart shows DOT’s price trending upwards. Source: DOTUSD on TradingView.com
The 1-D chart shows DOT’s price trending upwards. Source: DOTUSD on TradingView.com

Leave a Comment

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com WestcoastNFT.com