The Polkadot ecosystem is going through a set of distinctive challenges within the Web3 ecosystem. To start out, it’s going through a funding disaster. A current report launched by the Polkadot Treasury for the primary half of 2024 has raised issues 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 and marketing. Did we study nothing from FTX and http://crypto.com?”
Polkadot faces respected challenges
There’s an uproar within the crypto group 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 information in regards to the discrimination now we have confronted as Asian founders on this ecosystem.”
One other person on X tied to Polkadot’s DIN mission provides, “You need to face and resolve many further points, akin to politics, relationships, and cliques. […] Thus, we steadily distanced ourselves from the Polkadot ecosystem.
Polkadot has additionally been criticized for spending as a lot as $87 million in a 12 months, $37 million of which was spent on advertising and marketing. In response to 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. Nevertheless, regardless of that social media publicity expenditure, Polkadot’s visibility stays low.
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