Gavin Wood, Polkadot (DOT) Founder Sets Aside $774Million Development Fund For DeFi

Gavin Wood Announces about $774 Million for innovation. More so, this is on the heels of DOT’s rally last week due to the parachain auction announcement.

Notably, Wood created Polkadot and currently holds 18,936,300 DOT in its treasury. Which course, instead of slowly burning it by the protocol will be to fund innovation in the network.

As Wood explains on twitter,
Building, improving, educating, and beyond
“The Polkadot treasury currently has 18,936,300 DOT (DOT, not USD – do the math)…”
“in it ready to spend on *your* ideas for building, improving, educating and indeed,…”
“anything else that the Polkadot governance believes valuable,”
So, Wood concludes.

Furthermore, He goes on to call DOT holders air their comments on furthering the network’s growth.

“The DOT in the treasury comes as a natural part of the network protocol…”
“Fees, slashes and suboptimal staking configurations are all contributing factors,”

Meanwhile, Gavin Wood continues explaining where the funds are coming from.

“If it goes unused, it slowly gets burned…”
“It currently burns 239,988 DOT every month,” he adds.

Gavin Wood On Parachain Launch

Additionally, The network’s first parachain slot auctions is to start on November 11. However, it’s as the heterogeneous multichain architecture. Which of course, is outlined in the Polkadot Whitepaper draws to unraveling.

Currently, DOT’s price sees over 16% increase in the past 7-day period. Of course, this is due to the news that Polkadot is ready to support its first parachains. These parachains will be diverse and special blockchain that will bring the network’s groundbreaking multichain architecture.

Furthermore, this is exactly the vision on Gavin Wood for the network.

Lastly, Parachains is the completion of Polkadot’s multi-phase launch process since from May last year.

Picture credit – TechNode