Polkadot has allocated over $770 million for development funds ahead of its para chain auctions set to go live in the coming weeks, Cointelegraph reported.
- Polkadot Founder Gavin Wood on Sunday said it has allocated over 18.9 million Polkadot, worth roughly $77 million as of posting time. This will be focused on a development fund that focuses on community governance.
- The treasury funds are set to be spent should it be approved by the council, which consists of 13 members but is expected to be expanded to 24 seats in the future.
- Wood gave vague indications on the spending of the funds, noting that the capital will be used to realize its vision for “building, improving, educating” its system, on top of what Polkadot sees as valuable.
The development fund is intended to bolster DOT holders’ engagement with the governance process. DOT is down 3.18%.