Polkadot Rocked By Explosive Claims Of Discrimination From Manta Network Co-Founder

In a growing storm of controversy, the Polkadot blockchain platform is now facing accusations of discrimination and toxicity inside its ecosystem, on top of concerns over an impending funding crisis for its Treasury.

Polkadot Criticized For Neglecting Asian Developers 

The co-founder of the decentralized network Manta, Victor Ji, recently took to social media to voice his grievances. In a scathing post, Ji claimed that the Polkadot Academy event held in Hong Kong this past February was severely lacking in Asian representation, with lower than 1 / 4 of the participants being Asian, despite the event happening within the region.

Ji further alleged that when he introduced himself to Polkadot co-founder Gavin Wood on the event and mentioned Manta Network, Wood expressed interest within the project, unaware that Manta had already launched its mainnet. 

In line with Ji, that is “evidence that we will not be treated unfairly because we will not be working hard enough or doing poorly, but due to our region.”

The Manta co-founder stated that the “OneBlock” organizer had contacted the Polkadot team for days and not using a response despite their messages being read on Telegram’s social media platform

Ji emphasized that this funding is crucial for developer organizations in developing countries, and he pledged to personally sponsor $80,000 to support builders leaving the Polkadot ecosystem.

Adding to the controversy, Ji described the Polkadot ecosystem as “highly toxic” and lacking “any real value for web3” while accusing the Polkadot team of being “incapable and never truly decentralized.” 

Ji further expressed disappointment that the Polkadot team doesn’t concentrate on supporting builders on their stack, leading Manta Network to pivot away from developing on the Polkadot parachain and as a substitute focus its efforts on Ethereum Layer 2 solutions.

Fueling Fears Of Potential Insolvency

These allegations of discrimination and toxicity come at a very difficult time for Polkadot, because the network’s Treasury also faces a possible funding crisis. 

As reported on Monday by our sister website NewsBTC, a recent report on the Polkadot Treasury’s financials for the primary half of 2024 revealed that it had spent a complete of $86 million while managing $245 million (38 million DOT) in assets, with $188 million (29 million DOT) in liquid form.

The concerning burn rate indicated that the Treasury may face insolvency in lower than two years if the present spending patterns proceed. This has raised alarms among the many Polkadot community, who are actually closely monitoring the situation and calling for greater transparency and fiscal responsibility from the platform’s leadership.

Because the blockchain platform grapples with these multifaceted challenges, the broader crypto community might be watching closely to see how the platform responds to the allegations of discrimination and toxicity and the looming threat to its financial stability. There was no official response to those allegations made by Manta’s co-founder. 

The 1-D chart shows DOT’s price trending upwards. Source: DOTUSD on TradingView.com

On the time of writing, DOT is trading at $6.370, up 1.3% within the 24-hour timeframe, because the broader market recovers from a pointy correction experienced last week. 

Featured image from DALL-E, chart from TradingView.com 

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