Web3 Foundation and Parity Technologies Financial Independence
Web3 Foundation and Parity Technologies, key players in the Polkadot ecosystem, have disclosed their financial independence from the network’s on-chain treasury.
The CEOs of the two companies revealed their “significant financial runway” after recent reports raised concerns about the blockchain’s financial health.
Parity Technologies is the blockchain infrastructure behind Polkadot, and the Web3 Foundation supports the network’s growth through funding and research.
Web3 Foundation Financial Independence
Fabian Gompf, CEO of Web3 Foundation, clarified that the foundation has over five years of financial runway without selling DOT tokens.
Gompf further dismissed the concerns about the treasury as misleading, noting that “the treasury has continuous inflows [and is] never going to run out of funds.”
He suggested that the treasury should focus on initiatives not covered by the foundation and urged the community to vote for change.
Parity Technologies Financial Independence
Björn Wagner, CEO of Parity Technologies, supported Gompf’s views. He noted that both organizations have significant financial independence from the on-chain treasury, which receives ongoing inflows.
While Wagner agreed with concerns about recent spending, he highlighted Polkadot Governance as a leading and evolving DAO that offers opportunities for building a more sustainable future.
Industry Recognition
The transparency of Polkadot’s treasury report has received praise within the crypto community.
Mikko Ohtamaa, CEO of Trading Strategy, commended Polkadot for its transparency and accountability in the blockchain industry. He stated:
“Public blockchains and foundations should be transparent, as they are morally responsible for token holders. Polkadot sets a great example. Transparency can reveal past mistakes and lead to positive change.”
Community members have advocated for other crypto projects to follow Polkadot’s lead and release their treasury reports to prevent ineffective spending without community disclosure.
Disclaimer: CryptoSlate received a grant from the Polkadot Foundation for content production. While the Foundation supports our coverage, we maintain editorial independence.
