Gavin Wood, the founder of Polkadot (DOT), has announced a $774 million development fund for DeFi

Gavin Wood, the founder of Polkadot (DOT), has announced a $774 million development fund for DeFi.

Following Polkadot’s (DOT) recent impressive growth, driven by the announcement of highly anticipated parachain auctions, creator Gavin Wood has announced that $774 million is available to be spent on ideas. Innovative suggestions to enhance the platform’s DeFi area.

On October 17, Gavin Wood said in his personal page that Polkadot finance had 18,936,300 DOT (about 774 million USD) on hand, ready to spend on ideas to grow, enhance, educate, and anything else that management believes is valuable to Polkadot. He invited DOT holders to submit suggestions to support the network’s development.

(Gavin Wood twitter)

DOT is a natural element of the communication network in the platform treasury. Fees, rebates, and staking are all important aspects. If this DOT is not used, it will be burnt in batches, according to Gavin Wood. Every month, a total of 239,988 DOT is wasted.

This is a surprising decision from the company’s founder. Polkadot will become the next “powerful” blockchain for an ecosystem development fund this year if it is implemented and accepted by the community. Polkadot (DOT) is in third place with $774 million, behind only Hedera Hashgraph (HBAR) and Binance ($5 billion and $1 billion, respectively).

Polkadot (DOT) revealed the date of the parachain auction earlier this week, marking a turning point in the project’s development after five years of drawing on paper. This led a large number of investors to return to DOT. With projects on Kusama (KSM) like as Karura (KAR) and Moonriver (MOVR) seeing 70-fold growth after introduction, Polkadot might be the spotlight in the final quarter of 2021.

 

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