Polkadot spends a generous $ 774 million on creative ideas

Following last week’s DOT rally fueled by Polkadot’s much-anticipated Parachain auction announcement, founder Gavin Wood announced his willingness to spend $ 774 million on more innovative ideas.

Polkadot spends a generous $ 774 million on creative ideas

As Bitcoin magazine reported, Polkadot (DOT) announced the schedule for the launch of Parachain auctions on Nov. 11, after unanimously approved by the chain’s board members. This news represents a milestone as it completes the last core technical element mentioned in the whitepaper published 5 years ago.

At this point in time, the DOT price had increased by more than 20% over the course of the day and had increased continuously by 25% over the past 7 days. And in order not to miss the euphoria, the Polkadot treasury currently holds 18,936,300 DOT, according to the founder. And instead of slowly letting the DOT burn out through the protocol, he wants to use that money to fund whatever network administration deems valuable.

“The Polkadot Treasury Department currently has DOT 18,936,300 (DOT, not USD) to spend on * your * ideas about building, improving, educating, and really anything management wants to do. Value, thinks the polkadot is valuable, “Wood shared on Twitter, inviting DOT owners to make suggestions to help the network grow.

The network’s proposed chain of custody system will consider token holders, validators, councils and technical committees before making a decision.

“DOT in treasury is a natural part of the network protocol. Fees, discounts and sub-optimal staking configurations contribute to this amount, ”explains Polkadot founder and Kusama.

“When this DOT is not in use, it burns slowly. The project currently burns 239,988 DOT per month. “

DOT / USD 4H Price Chart | Source: TradingView

At the time of writing, the price of DOT is still at $ 41.22.

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