Web3 Foundation and Parity Technologies, key players in the Polkadot ecosystem, have announced their financial independence from the network’s on-chain treasury.
The CEOs of the two companies revealed their “significant financial runway” following recent concerns about the blockchain’s financial health.
Parity Technologies is responsible for the blockchain infrastructure behind Polkadot, while the Web3 Foundation supports the network’s growth through research and funding.
Fabian Gompf, CEO of Web3 Foundation, stated that the foundation has over five years of financial independence without needing to sell DOT tokens. He dismissed concerns about the treasury running out of funds, emphasizing that it has continuous inflows.
Gompf suggested that the treasury should focus on initiatives not covered by the foundation and criticized recent spending on low-return activities, urging the community to vote for change.
Similarly, Björn Wagner, CEO of Parity Technologies, supported Gompf’s views and highlighted the organizations’ financial independence from the on-chain treasury, which continues to receive ongoing inflows.
While acknowledging concerns about recent spending, Wagner praised Polkadot Governance as a leading and evolving DAO with ample opportunities for those interested in building the network’s future.
Polkadot’s treasury report has received praise for its transparency within the crypto community. Mikko Ohtamaa, CEO of Trading Strategy, commended the network for its transparency and accountability in the blockchain industry, urging other projects to follow suit.
Several community members have recommended that other crypto projects release their treasury reports to ensure transparency and accountability to their communities.
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