PolkaWorld Halts Operations after Funding Proposal Rejected

Introduction

PolkaWorld, a popular community within the Polkadot (DOT) ecosystem, has decided to cease its activities following the widespread rejection of a funding proposal. The organization is now expressing concerns about the management of Polkadot’s project fund.

Polkadot Crypto Introduces a New Form of Governance

Last month, PolkaWorld, a community with over 50,000 members, submitted a proposal to secure funding for the last three months of 2023. It requested 16,842 DOT tokens (worth $70,000 at the time of writing) to cover expenses. However, the proposal was rejected by 93.3% of the votes.

As a result, PolkaWorld is forced to halt its operations. Since June, the Polkadot ecosystem has been governed using an open governance system called OpenGov. This allows network governance to be directly carried out by DOT token holders, who actively participate in voting rounds to approve or reject proposals.

“This is the first time we’ve had to pause in the four years and three months since we started in 2019. All of these changes happened after Polkadot introduced OpenGov.”

- Advertisement -

PolkaWorld Advocates for Changes in Crypto Governance

In the previous governance system, Polkadot holders selected a council whose members were experts in specific areas and had the necessary knowledge to assess proposals. PolkaWorld believes that this approach should be reintegrated into the current OpenGov system.

The Polkadot community members clearly oppose Polkadot’s new open governance structure and its apparent influence on projects. PolkaWorld encourages Polkadot to reinstate, at least partially, the previous council.

PolkaWorld does not demand the scrapping of the new governance system but hopes for quick improvements. Conversely, Markian Ivanichok, the founder of Brushfam, has already announced his departure from Polkadot. He expresses his frustrations with Polkadot’s governance system, stating that it has become increasingly difficult to secure funding, with little consideration for users, business practices, and marketing.