Public chain Polkadot recently released its financial report for the first half of the year 2024. Despite official claims that the treasury funds are sufficient to support two years, the high expenditure of up to 87 million US dollars has sparked community doubts.
With advertising and media, online and offline community building activities, and large conferences accounting for 37 million US dollars of the total expenditure, many community members have complained that the official’s hefty marketing spending has not yielded any significant results, leading to “a lot of money spent and zero progress in business.” At the same time, at the current burn rate, Polkadot may go bankrupt in less than two years.
In addition to the allocation of a large amount of funds to marketing plans with little effect, Victorji.eth, the founder of the modular blockchain Manta Network, criticized Polkadot on the social platform X, stating that it is highly toxic, has no value to Web3, and even discriminates against Asians.