Polkadot founder Gavin Wood has launched a $777-million development fund in front of the network’s parachain lease auctions.
- In Sunday Tweet, Wood stated that Polkadot’s treasury had allocated an additional 18.9 million Polkadot (DOT) valued at nearly $777 million to a development fund that will be disbursed through community governance.
- Wood provided broad recommendations as to how the funds would be spent, ranging from the funds being mobilized for the community’s vision for “building, improving, educating” Polkadot’s climate to anything deemed valuable by Polkadot leadership.
- In reference to Polkadot’s Wiki, the treasury funds could be spent when approved by the council that votes on proposals put forward to them. The Polkadot council now comprises 13 members, but the council plans to expand to 24 seats in the future.
With numerous Polkadot governance votes observing poor community participation, the development fund might be used to boost DOT holders’ engagement within the government process.
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Source: CoinTelegraph
