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The Polkadot Treasury has just been set up to fund projects “that add traction to the network”.

September 18, 2020

The Polkadot Blockchain Platform (DOT) recently invested in its developer community with the launch of Polkadot Treasury. Under the direction of community-elected councilors, the reserve will fund as many new community projects as possible.

The Ministry of Finance has already received several proposals related to infrastructure development, operational projects and software development.from teams like Redspot, Centrifuge, Polkascan and Encointer.

Proposals for Treasury Fund funding can be submitted by any domestic Polkadot DOT token holder and will be approved based on their ability to “add traction” to the network.. Proposals can relate to infrastructure deployment, network security operations, ecosystem deployment, software development, marketing activities, and community and outreach events.

The Polkadot Treasury has just been set up to fund projects “that add traction to the network”.
The Polkadot Treasury has just been set up to fund projects “that add traction to the network”.

In addition to funding the proposals The Treasury Department will also support community efforts such as: These include translating documents, creating Polkadot-related content, instructional videos, and general community support..

Proposals must be submitted on the Polkadot blockchain;; However, to minimize chain storage, they do not contain any context information. Proponents need to take advantage of the off-chain opportunities to explain the bulk of the project.

A deposit of DOT 100 or 5% of the total submission of each proposal is required to avoid poor quality proposals or spam. Deposits are refunded to users if their proposal is approved or burned if rejected.

If the Treasury does not spend all funds within a budget period, which is currently set at 24 days, 1% of the funds will be burned. The Treasury is funded through haircuts, transaction fees, betting inefficiencies, and parathreads.

Polkadot isn’t the only project that focuses on providing direct financial support to its developer community. Gitcoin Grants is a platform for Ethereum projects to raise funding through appropriate contributions from Gitcoin QF sponsored donors and the public. This week’s popular DeFi Yearn Finance project topped the Ethereum Foundation as the main contributor in the final round of Gitcoin grants from round seven with $ 155,000, bringing the total pool to $ 410,000.

Inspired by movement, Synthetix went one step further by contributing an undisclosed amount This reportedly surpasses both the Ethereum Foundation and Yearn Finance contributions to make a new all-time high.

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