Gavin Wood teased that $774 million are available to be spent on new concepts following DOT’s surge last week, which was fueled by the announcement of Polkadot’s highly anticipated parachain auctions.
Currently, Polkadot, which was the brainchild of Wood, has 18,936,300 DOT in its inventory, which can be spent on whatever the network’s governance deems valuable rather than being slowly destroyed by the protocol.
“The Polkadot treasury currently has 18,936,300 DOT (DOT, not USD) in it ready to spend on *your* ideas for building, improving, educating, and indeed, anything else that the Polkadot governance believes valuable,” Wood wrote on Twitter, inviting DOT holders to submit ideas for expanding the network.
Highly-stacked on-chain governance infrastructure
Token holders, validators, a Council, and a Technical Committee are all part of the network’s intended on-chain governance architecture.
The DOT is a standard feature of the network protocol. Fees, slashing, and inefficient staking setups are all contributing elements, the creator of Polkadot and Kusama pointed out on where the funds are sourced.
“If it is left unused, it slowly gets burned. It currently burns 239,988 DOT every month,” Wood said.
As the heterogeneous multichain architecture detailed in the Polkadot Whitepaper draws near to unraveling, the network’s first parachain slot auctions are slated to commence on November 11.
DOT rallies over 16% in last seven days
Following the developers’ statement that Polkadot is theoretically ready to support its initial parachains — different, specialized blockchains that will actualize the network’s breakthrough multichain architecture – the price of DOT increased by more than 16% in the last seven days.
Polkadot’s multi-phase launch process, which began in May of last year with the dissemination of the original, proof-of-authority version of the Polkadot Relay Chain, will conclude with the launch of Parachains.
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