A thread about Polkadot has appeared on crypto Twitter.
Millions of investments, FDV of 8 billion dollars and endless rounds long before the launch – the guys have it all. They contributed a lot to the project and willingly, from the idea to the purchase of tokens from the market.
Polkadot has a deep treasury, which is managed by DAO. Well, this is a thing for the community to decide what it wants to spend money on for the glory of the project. So here’s the thread itself:
The thread itself
1. When will Polkadot marketing happen? Imagine if you could spend $10 million on advertising. Oh, wait, we already spent it from the Treasury.
Below are the most outrageous expenses.
2. Wasn’t it cool when Gavin Wood [Polkadot founder – approx.] and a couple of teams went to the World Economic Forum for a couple of days? It turns out it only cost $1.2 million…
But we got a promo…
3. This year Decoded in Copenhagen costs 1.4 million euros for two days.
4. Hmm, conferences are generally quite expensive: EthDenver ($172k), Sub0 ($425k), Token2049 ($220k).
But who knew that one day of the WASM online conference would cost $155k, which they would then lose and ask for another 104k from the Treasury.
5. Do you like this Messari report [on Polkadot]? I hope so, because it costs $30,000 plus annual report fees.
6. What about spending $39K on sign language tutorials (why not subtitles?) that after 9 months on YouTube have 9 videos and an average of 10 views?
7. The Treasury is depleted and with the arrival of OpenGov things will only get worse.
The thread is phenomenal. I’ll add on my own that I looked at Formula 1 in 2022 and there was a Polkadot logo next to the FTX logo. I guess it cost Treasure a pretty penny too. As well as a million such useless, but such huge expenses.
The tweets above answer the questions: why Polkadot still doesn’t have a user-friendly interface; why there are still no interesting movements there, and the auctions have gone to zero; why the price drops to the floor and many others.
With such overspending on “useful” activities that are not attached to any strategy, you can go very far when you are Gavin Wood and your closest retinue, and not very far when you are a project that is losing its position and community every year.