Polkadot

Daddy Tate

<p>Polkadot is facing scrutiny after its treasury report revealed it spent $87 million during the first half of 2024, with $36 million of that going towards marketing and outreach.</p>
<p>At the current spending rate, Polkadot has around $245 million worth of DOT tokens left that could last two years, <a href="https://forum.polkadot.network/t/2024-h1-polkadot-treasury-report/8862" target="_blank" rel="noopener noreferrer nofollow">said</a> head ambassador Tommi Enenke. The treasury will continue to grow as it gets 7% of staking rewards.</p>
<p>DOT has plunged nearly 4% in the last 24 hours to trade at $6.15 as of 07:11 a.m. EST.</p>
<h2 id="polkadot-under-fire">Polkadot Under Fire</h2>
<p>Over $36 million of the first half’s spending this year was used for activities including advertisements, meetups, events, and conferences. That triggered criticism on X, with X user @DefiIgnas arguing that Polkadot’s heavy marketing spend was futile as it remained “invisible” across social platforms.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Polkadot spent $37m USD in outreach during the first half of 2024, targeting new users, developers, and businesses</p>
 <p>• $10m on ads/sponsorships<br>• $4.4m on influencers<br>• $4m on digital ads</p>
 <p>Yet Polkadot still seems invisible on X and elsewhere. <a href="https://t.co/pk0haLvuNm" rel="noopener noreferrer nofollow">pic.twitter.com/pk0haLvuNm</a></p>
 <p>— Ignas | DeFi (@DefiIgnas) <a href="https://twitter.com/DefiIgnas/status/1807784567241351286?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 1, 2024</a></p>
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<p>X user @seunlanlege said that the treasury was <a href="https://x.com/seunlanlege/status/1783892492720468225" target="_blank" rel="noopener noreferrer nofollow">wasting money</a> on “misplaced marketing” instead of investing in development as other blockchains like Optimism and Arbitrum have done.</p>
<p>Manta co-founder Victor Ji echoed this sentiment, and accused Polkadot of discrimination, a toxic environment, and disregard for users.</p>
<p>“We do not want to engage with the Polkadot ecosystem and team at all,” he said. “It is a highly toxic ecosystem that lacks any real value for web3, and it does not focus on users or adoption at all.”</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">As the founder of the previous largest (non-DOT) TVL and market cap/FDV project in the Polkadot ecosystem, I have to say that we do not want to engage with the Polkadot ecosystem and team at all. It is a highly toxic ecosystem that lacks any real value for web3, and it does not… <a href="https://t.co/YxAPF1CYC9" rel="noopener noreferrer nofollow">https://t.co/YxAPF1CYC9</a></p>
 <p>— victorji.eth ✨🌊✈️EthCC (@victorJi15) <a href="https://twitter.com/victorJi15/status/1808067693238706481?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 2, 2024</a></p>
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<p>While defending Polkadot, Jeeper, the pseudonymous author of the treasury report, <a href="https://x.com/eking0x/status/1808453446925791687" target="_blank" rel="noopener noreferrer nofollow">said</a> that the spending was not unusual as all networks have similar expenditures.</p>
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Polkadot Under Fire for Heavy Marketing Spend Amid Sustainability Concerns

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Inside Bitcoins

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