2024

Manta Network

DeFi

Polkadot

Polkadot, a sharded multi-chain network created by Ethereum co-founder Gavin Wood, came under fire and scrutiny from its community after revealing $37 million in marketing costs. 
According to the H1 2024 Treasury <a href="https://forum.polkadot.network/t/2024-h1-polkadot-treasury-report/8862?data=3423432crypto987233news23423" target="_blank" rel="noreferrer noopener nofollow">Report</a>, nearly $40 million was allotted to outreach initiatives meant to draw new users, developers, and companies to the ecosystem.&nbsp; 
In this, Polkadot spent over $20 million on advertising and $10 million in DOT tokens for sponsorships, including sports deals, a race car driver collaboration, and an e-sports tournament partnership. In contrast, they allocated $23 million for developments in the first half of the year. 
The blockchain community has been critical of the large marketing budget, accusing it of centralization and unnecessary spending. The co-founder of Manta Network, Victor Ji, has <a href="https://x.com/victorJi15/status/1808074873589424493" target="_blank" rel="noreferrer noopener nofollow">voiced</a> harsh criticism, claiming that builders from different backgrounds are not given enough support and that Asian innovators are discriminated against.&nbsp; 
Victor Ji, who previously led a significant project within the Polkadot ecosystem, claimed that his team has faced systemic challenges and bias. He described Polkadot as a “highly toxic ecosystem” that lacks value for Web3 and does not prioritize user adoption. 
On X, Ji said that the Polkadot team, headed by Gavin Wood, is incompetent and overly centralized. He drew attention to financial discrepancies, implying that American and European programs are given greater assistance than their Asian counterparts. Additionally, he criticized the low representation of Asians at a Polkadot Academy event in Hong Kong, despite its location in Asia. 
Despite criticism, Manta Network remains committed to delivering its promised Polkadot parachain while shifting focus to Ethereum Layer 2 and other active ecosystems for greater development and support. 
Another core developer, using the handle @seunlanlege, <a href="https://x.com/seunlanlege/status/1783892492720468225" target="_blank" rel="noreferrer noopener nofollow">expressed</a> frustration saying “insane to me how much money the Polkadot treasury is wasting on misplaced marketing,” and comparing it to the financial mismanagement of past cryptocurrency endeavors. 
Despite the controversy, Polkadot’s treasury report raised concerns about financial sustainability, indicating that at the current spending rate, the treasury would run out of money in about two years. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/10/polkadot-treasury-fuels-hydration-defi-project-with-14-4m/" target="_blank" rel="noreferrer noopener">Polkadot Treasury Fuels Hydration DeFi Project with $14.4M</a> 
</blockquote>

Polkadot’s $37M Marketing Expenses Spark Community Criticism

The Crypto Times

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