Polkadot founder Gavin Wood teased $774 million in DOT ready to be spent on innovative DeFi ideas

By Selena On Oct 19, 2021

Following last week’s DOT rally, fueled by the much-anticipated parachain auction announcement, Polkadot founder Gavin Wood revealed his willingness to spend $774 million on ideas next creative idea.

Polkadot founder announces a $774 million development fund for DeFi

As AZCoin News reported, Polkadot (DOT) has announced the schedule for the launch of parachain auctions on November 11 after being unanimously approved by the on-chain board members. This news marks a landmark achievement as it completes the last core technical element mentioned in the whitepaper published five years ago.

At that time, the DOT price was up more than 20% and has continued to hold a steady 25% increase over the past seven days. And not letting the euphoria slip away, according to the founder, Polkadot currently holds 18,936,300 DOT in its coffers. And instead of allowing that DOT to burn up by the protocol slowly, he suggests using that money to fund whatever the network administration believes has to value.

Wood shared on Twitter, inviting DOT holders to submit their proposals to promote the growth of the network.

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.

— Gavin Wood (@gavofyork) October 17, 2021

The network’s proposed chain of custody system will consider token holders, validators, a Council, and a Technical Committee.

“The DOT in the treasury comes as a natural part of the network protocol. Fees, slashes, and suboptimal staking configurations are all contributing factors. If it goes unused, it slowly gets burned. It currently burns 239,988 DOT every month”, he added.

DOT/USD 4-hour chart | Source: TradingView

At the time of writing, the price of DOT is still maintaining at $41.22.

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