Polkadot has no real value for Web3 and as a project is "toxic" in nature. This was stated by viktorji.eth, the founder of the L2 protocol for scaling Ethereum Manta Network.
As the founder of the previous largest (non-DOT) TVL and market cap/FDV project in the Polkadot ecosystem, I have to say that we do not want to engage with the Polkadot ecosystem and team at all. It is a highly toxic ecosystem that lacks any real value for web3, and it does not… https://t.co/YxAPF1CYC9
— victorji.eth ✨ (@victorJi15) July 2, 2024The developer pointed out the discrimination of ecosystem participants in favor of teams from Europe and the United States to the detriment of their colleagues from Asia. viktorji.eth cited the Polkadot Academy event in Hong Kong in February, worth more than a million dollars, as an example. He complained that among the participants, at best, one in four was Asian.
"As the founder of the previous non-DOT and largest TVL protocol at Polkadot, we do not want to interact with this ecosystem and its team. It is very toxic. [...] Developers should join Solana, Ethereum and Bitcoin," he commented.
Viktorji.eth also spoke about a meeting with Gavin Wood [the founder of the blockchain], who, according to him, had no idea that the Manta Network was one of the largest projects in the ecosystem he founded.
According to the developer, the Polkadot team is not truly decentralized.
"If they had spent at least a little significant effort to support the "builders" using their stack, we would not have been so disappointed. Many community members have asked us about the roadmap for our Atlantic project (one of the parachains), and I would say that there is no roadmap for it, since we are now completely focused on Manta Pacific, because the entire Polkadot ecosystem is essentially dead," he complained.
Viktorji.eth joined the criticism of the blockchain management after one of the former developers of the project under the nickname Web3 Philosopher pointed out the "insane" spending on "inappropriate" marketing. He compared the actions of Wood and his colleagues to FTX and Crypto.com .
"Blockchains like Optimism and Arbitrum give hundreds of millions of dollars to teams," he wrote.
In a big way
Crypto influencer Ignas drew attention to the fact that the Polkadot Treasury spent $37 million to promote the project in the first half of 2024. Total expenses for this period amounted to $87 million. At the current rate, the funds will be exhausted in two years, he added.
This is real:
Polkadot's Treasury has about 2 years of runway left at the current burn rate of $87m USD per 6 months. https://t.co/rpXjFzVMw1 pic.twitter.com/Pejcajoz1C
This category includes advertising integrations, partnerships, shilling from opinion leaders and other marketing campaigns.
However, Polkadot still seems "invisible" on X and other platforms, Ignas noted.
The non-profit organization noted the inaccuracy of forecasts regarding the exhaustion of resources in two years. They recalled the inflation that is generated by the rewards from staking (~ 7% goes to the Treasury).
Recall that in April, the Polkadot blockchain stopped working for about an hour after the update was implemented in the main network.
https://forklog.com/cryptorium/chto-takoe-polkadot