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Polkadot unveils $770M development fund ahead of parachain auctions
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Polkadot (DOT) founder Gavin Wood has unveiled a $777 million development fund ahead of the network’s parachain lease auctions.
Wood tweeted on Oct. 17 that Polkadot’s treasury has allocated more than 18.9 million DOT (worth roughly $777 million at the time of writing) to a development fund that will be disbursed through community governance.
Wood gave broad suggestions as to how the funds might be spent, stating the capital will be mobilized to realize the community’s vision for “building, improving, educating” Polkadot’s ecosystem, in addition to “anything else that the Polkadot governance believes valuable.
According to Polkadot’s Wiki, the treasury funds can be spent if approved by the council, which votes on proposals put forward to
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