Financial Independence
Web3 Foundation and Parity Technologies, key contributors to the Polkadot ecosystem, have affirmed their financial independence from the network’s on-chain treasury.
The CEOs of these organizations highlighted their “significant financial runway” following recent concerns about the blockchain’s financial health.
Parity Technologies develops the blockchain infrastructure for Polkadot, while the Web3 Foundation aids the network’s growth through funding and research.
Financial Independence of Web3 Foundation
Fabian Gompf, CEO of Web3 Foundation, assured that the foundation has over five years of financial stability without needing to sell DOT tokens.
Gompf dismissed concerns about the treasury as misleading, emphasizing that “the treasury has continuous inflows [and is] never going to run out of funds.”
However, Gompf suggested the treasury focus on initiatives not covered by the foundation. He criticized recent low-return expenditures and encouraged the community to vote for changes.
Parity Technologies’ Financial Stability
Björn Wagner, CEO of Parity Technologies, echoed Gompf’s sentiments. He confirmed that both organizations have substantial financial independence from the on-chain treasury, which continues to receive funds.
While agreeing with concerns about recent expenditures, Wagner highlighted Polkadot Governance as a leading and evolving DAO with “plenty of opportunity for those seeking to be part of building this exciting future.”
Industry Recognition
Polkadot’s treasury report has earned widespread acclaim for its transparency within the crypto community.
Mikko Ohtamaa, CEO of Trading Strategy, praised the network for its unprecedented transparency and accountability in the blockchain industry. He remarked:
“Public blockchains and foundations should be transparent, as they are morally responsible for token holders (even if not legally). Polkadot led the way here. Being transparent exposes past misdeeds, and you can redeem your sins. There can be a change of direction, turning a new page.”
Many community members have advised other crypto projects to follow Polkadot’s example by releasing their treasury reports. They believe some projects might be overspending on ineffective activities without disclosing their financial status to their communities.
The post Web3 Foundation, Parity Technologies dismiss Polkadot treasury depletion fears appeared first on CryptoSlate.
