BURN RATE: Polkadot deserves credit for its transparency. The blockchain project recently released a detailed report, complete with spreadsheets and invoices, outlining its spending over the last six months. However, some criticized the project’s multimillion-dollar spending on marketing, advertising, sponsorships, events, and influencers. In the first half of 2024, the project spent $87 million of its own DOT tokens on various activities, potentially depleting the $245 million in the treasury in about two years. Details from the report included $4.9 million for influencers, $1.9 million to sponsor race car driver Conor Daly, $1 million for digital ads on CoinMarketCap, $490,000 to the press-release website Chainwire, $180,000 for “private jet brandization,” and $6.8 million for a partnership with a prestigious soccer club. Some noted that despite the spending, influencers appeared inactive, while others joked that the report was garnering the publicity Polkadot desired. Polkadot officials attributed the increased spending to ambitious proposals and a rise in crypto market prices, resulting in more value for their DOT tokens. “The good news is that the average DOT price has gone up this half-year, resulting in more bang for the DOT,” the report stated, highlighting a 2.4x increase in DOT spending and a 3.2x increase in USD-equivalent value during the same period.
Source link
This article was complied with AI assistance and reviewed by an editor. More information can be found in our T &C
