The Polkadot ecosystem is dealing with a set of distinctive challenges within the Web3 ecosystem. To begin, it’s dealing with a funding disaster. A current report launched by the Polkadot Treasury for the primary half of 2024 has raised considerations over one other collapse like FTX.
One use on X Web3 Thinker by the tag @seunlanlege writes, “It’s insane to me how a lot cash the Polkadot treasury is losing on misplaced advertising. Did we be taught nothing from FTX and http://crypto.com?”
Polkadot faces respected challenges
There’s an uproar within the crypto neighborhood particularly Web3 regarding Polkadot. Let’s unpack victorji.eth on X, the person behind Manta CeDeFi and the founding father of the earlier largest (non-DOT) TVL within the Polkadot ecosystem, tweeted ,“I’ve to say that we don’t need to have interaction with the Polkadot ecosystem and staff in any respect. “
Victor alleges that the Polkadot ecosystem is “extremely poisonous ecosystem that lacks any actual worth for Web3.” He provides that some builders are “just too busy to reveal the numerous details concerning the discrimination we have now confronted as Asian founders on this ecosystem.”
One other consumer on X tied to Polkadot’s DIN venture provides, “You must face and resolve many further points, corresponding to politics, relationships, and cliques. […] Thus, we step by step distanced ourselves from the Polkadot ecosystem.
Polkadot has additionally been criticized for spending as a lot as $87 million in a yr, $37 million of which was spent on advertising. In line with the staff, they spent the cash to draw new customers, builders, and companies.
Clearly, that has not labored, as many builders are exiting Polkadot. As well as, the entity spent $10 million on advertisements, $4.4 million of which was paid to influencers, and $4 million on digital advertisements. Nonetheless, regardless of that social media publicity expenditure, Polkadot’s visibility stays low.
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