Unrest at Polkadot: Major crypto project suspends activities

PolkaWorld, a popular community within the Polkadot (DOT) ecosystem, is ceasing operations after a massive rejection of a funding proposal. The organization is now raising concerns about the management of Polkadot’s project fund.

🫥 It is very sad to say that PolkaWorld’s proposal was rejected and our operations have been suspended for half a month now. This is the first time we’ve had to take a break in the four years and three months since we launched in 2019. All of these changes happened afterward @Speckle initiated…

— PolkaWorld (@polkaworld_org) September 15, 2023

Polkadot crypto features a new form of governance

Last month, PolkaWorld, a community with more than 50,000 members, submitted a proposal to fund the costs of the last three months of 2023. To cover the costs, 16,842 DOT tokens (worth $70,000 at the time of writing) were requested. However, the proposal was rejected with 93.3% of votes.

That’s why P feelsolkaWorld was forced to cease its activities. Since June, the Polkadot ecosystem has been controlled with one open governance System called OpenGov. This means that control of the network is taken directly by the holders of the DOT token. You can actively participate in voting rounds to accept or reject suggestions.

This is the first time we’ve had to take a break since we launched in 2019. All of these changes came after Polkadot launched OpenGov.”

PolkaWorld calls for a change in crypto governance

In the previous governance system, Polkadot owners elected a council. These council members were experts in specific fields and had the knowledge needed to evaluate proposals. PolkaWorld believes this approach should be reintegrated into the current OpenGov system.

Members of the Polkadot community clearly oppose Polkadot’s new open governance structure and its apparent influence on projects. PolkaWorld encourages Polkadot to at least partially restore the previous council.

PolkaWorld is not calling for the abolition of the new governance system, but rather hopes that it improves quickly. On the other hand, it is like this Markian Ivanichok, founder of Brushfam, al announced who is leaving his project Polkadot. Ivanichok also expresses his frustration with Polkadot’s governance system. He states that it is becoming increasingly difficult to obtain financing. It would “not take users, business practices and marketing into account.”