Manta Network

Polkadot

Flash

<ul>
 <li>Victor Ji, co-founder of Manta Network, shared discontent within the DOT community over ineffective marketing strategies despite substantial expenditures.</li>
 <li>Despite concerns over Polkadot’s declining revenues and reduced assets in its treasury, the network’s sustainable financial model, supported by staking rewards, continues replenishing its funds.</li>
</ul>
Manta Network co-founder Victor Ji has criticized the Polkadot (DOT) ecosystem for unprofessional conduct. His comments come amid community backlash over ineffective marketing despite a substantial budget.
As the digital asset space increasingly emphasizes decentralization, community participation in network governance has become more vocal. Ji’s criticism highlights issues within the Polkadot ecosystem, accusing it of fostering a toxic environment, failing to prioritize users, and lacking real value for Web3 development. Ji <a href="https://x.com/victorJi15/status/1808074873589424493" target="_blank" rel="noopener noreferrer nofollow">stated</a>:
<blockquote>
 A concrete example is the Polkadot Academy event held in Hong Kong this February, where less than a quarter of the participants were Asian, even though this was an event in Asia (costing over a million dollars). It was at this event that I first encountered Gavin Wood, and when I told him I was from Manta Network, he said he was looking forward to Manta launching its mainnet and using it. At that time Manta had just released its token and was gaining a lot of traction, yet he didn’t even know that one of the biggest projects in his ecosystem had launched its mainnet.
</blockquote>
Victor Ji contends that the Polkadot team lacks capability, isn’t genuinely decentralized, and fails to support developers within its ecosystem. His critique echoes broader disappointment within the DOT community, particularly as revenues declined in the first half 2024.
Reports indicate that Polkadot’s treasury now holds less than $245 million in assets, raising concerns about its long-term sustainability.
<h3 id="polkadot-treasury-concerns">Polkadot Treasury Concerns</h3>
The revenue report posted on the Polkadot governance forum on June 28 disclosed that the project dedicated $37 million to marketing in the first half of the year, out of a total expenditure of $87 million, per the Crypto News Flash <a href="https://www.crypto-news-flash.com/polkadot-faces-backlash-over-37-million-marketing-spend-despite-lower-returns/" target="_blank" rel="noopener noreferrer nofollow">report</a>.
Despite this substantial investment, criticism has arisen as it did not meet its intended objectives, such as increasing the adoption of new users, developers, and businesses within the Polkadot ecosystem.
Despite community concerns, Polkadot’s treasury is unlikely to exhaust its funds even if it spends the $245 million in assets it currently holds. This resilience stems from the network allocating nearly 7% of total token inflation, primarily staking rewards, into the treasury.
Giotto de Filippi, a prominent Polkadot activist, emphasized this point, asserting that the treasury is steadily replenished through this mechanism, challenging assertions of financial constraint.
The steady flow of staking rewards sustains Polkadot’s treasury and aligns incentives between users and the project. As of June 30, Polkadot’s Total Value Locked (TVL) has risen by 5%, as indicated by DefiLlama data, bolstering confidence in its sustainable financial model.
Adding context to the ongoing discussion, Björn Wagner, co-founder of Parity Technologies, which oversees Polkadot, clarified in a recent X (formerly Twitter) post that both Web3 Foundation and Parity maintain substantial financial reserves independent of the on-chain treasury inflows.
<blockquote>
 While I personally too share the current vocal sentiment that some of the recent treasury spending will likely have inadequate ROI, it is worth remembering that Polkadot Governance is likely the largest and most sophisticated DAO out there and is evolving rapidly,
</blockquote>
According to the CNF <a href="https://www.crypto-news-flash.com/polkadots-poke-initiative-aims-to-propel-enterprise-and-government-adoption-of-web3/" target="_blank" rel="noopener noreferrer nofollow">update</a>, Polkadot is also undertaking the PoKe initiative to boost government and corporate adoption of Web3.
As of press time, Polkadot’s native crypto DOT is trading 2.75% down at $6.19, with a market cap of $8.9 billion. On the weekly chart, however, the DOT price is still 4% up.

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Polkadot Treasury Issues Unveiled: Manta Co-Founder’s Critical Assessment

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