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Polkadot Spends How Much!?
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💰 Polkadot Treasury Spending Doubles in First Half of Year
Treasury Spending Surge: Polkadot spent $87M worth of DOT tokens in H1 2024, doubling from the prior six months. The treasury, holding $245M in DOT, is expected to last two years at current prices. This is a 125% increase from H2 2023.
Spending Breakdown: $36M was used for marketing and outreach, $23M for software development, and $15M for liquidity provision. Community members are concerned about the high spending and potential liquidity issues.
Community Concerns: The treasury's volatility and high spending raised concerns. Web3Foundation CEO Fabian Gompf stated, "The treasury has continuous inflows. It’s never going to run out of funds." The treasury has 32M DOT in liquid assets, with a net loss of 17M DOT annually. Read More.
️ On today's Top Picks:
- ⚡ Symbiotic increases limits on restaking vaults.
- 🐾 Nekodex X Earndrop Trading Competition.
- 💰 Sentient raises $85M Seed led by Founders Fund.
- 💰 Lombard raises $16M Seed led by Polychain Capital.
Read time: ⏰ 6 minutes
Crypto News
• ⭐️ Polkadot $DOT H1 2024 financial report shows ~$87M spent.
• Justin Drake challenges Michael Saylor to debate on Bitcoin security.
• German Government transfers 832.7 Bitcoin $BTC (~$52M), still holds 43859 Bitcoin (~$2.7B).
• Scroll Curie Upgrade is live on Mainnet reducing transaction fees by 2x.
• CoinDCX acquires BitOasis as part of international expansion plan.
Alpha
• Blast $BLAST posts Phase 2 Points & Gold Guide for users.
• ⭐️ Symbiotic increases limits on restaking vaults.
• Affine launches ultraETH & ultraETHs LRTs.
• Jumper Loyalty Pass & XPs to be updated next week.
• Infinex launches Crate Openings for the Craterun campaign.
• RedStone Oracles launches Season 2: Warm-Up quest on Galxe.
Airdrops
• ⭐️ Nekodex X Earndrop Trading Competition to begin on July 9th.
• Introducing Karak Network by Lightning X Drop.
• Rainbow launches Week #1 of Rainbow ETH Rewards for top 1K users.
• ICYMI ZERϴ Network Testnet by Earndrop.
Finance News
• Robinhood $HOOD considers listing crypto futures in both the US & EU.
• Riot Platforms $RIOT & Bitfarms $BITF mine ~20% more Bitcoin in June than in May.
• Northern Data considers IPO in the US with up to $16B valuation.
• Genesis Digital Assets considers IPO in the US, valued at $5.5B in April 2022.
• Tesla $TSLA rises after better-than-expected deliveries report.
• Alibaba $BABA increases stock repurchases amid struggling price.
Security and Exploits
• Bittensor $TAO temporarily pauses chain as team investigates attack.
• Consensys acquires Wallet Guard & intends to integrate capabilities into MetaMask.
• Intel CPU vulnerability 'Indirectror' exposes sensitive data through new side-channel attack.
• Europol Operation Morpheus leads to takedown of 593 Cobalt Strike servers.
Token Unlocks
• Galxe / 3M $GAL / ~$6.8M / JUL 05
• Hashflow / 13.62M $HFT / ~$2.8M / JUL 07
• Ethena / 14.89M $ENA / ~$7.6M / JUL 07
Funding
• ⭐️ Sentient, a community-built open AGI, raises $85M in Seed funding led by Founders Fund.
• ⭐️ Lombard, a Bitcoin restaking platform, raises $16M in Seed funding led by Polychain Capital.
• RedStone Oracles, modular oracles for DeFi, raises $15M in Series A funding led by Arrington Capital.
• Prodia Labs, API for AI-powered image generation, raises $15M in Seed funding led by Dragonfly.
• Astria, a shared sequencer network, raises $12.5M in Strategic funding led by DBA & Placeholder.
• Pi Squared, a universal settlement layer, raises $12.5M in Seed funding led by Polychain Capital.
• SendBlocks, a blockchain data management platform, raises $8.2M in Seed funding led by Castle Island Ventures.
• Openledger, a sovereign data blockchain for AI, raises $8M in Seed funding led by Polychain Capital & Borderless.
• QED, a Bitcoin scaling protocol, raises $6M in Seed funding led by Blockchain Capital.
• Compute Labs, a Solana-based GPU tokenization protocol, raises $3M in Pre-Seed funding led by Protocol Labs.
• onaji, a machine learning platform for smart contract blockchains, raises $2.5M in Pre-Seed funding led by Stratos.
• Cambria, a Runescape-inspired risk-to-earn MMO, raises $2.5M in Seed funding led by BITKRAFT Ventures.
• Solayer, a restaking network on Solana, raises an undisclosed amount in funding.
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PROTOCOL | ASSETS | APY |
---|---|---|
![]() | NUSDC | 42.12% |
![]() | MIMUSDCUSDT | 41.99% |
![]() | USDB | 34.41% |
![]() | IUSD | 30.80% |
![]() | USDC | 23.60% |
![]() | USDCUSDT | 23.45% |
![]() | USD+USDT+ | 23.44% |
![]() | GMUSDC(WBTC) | 22.66% |
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That’s it for today’s edition! See you soon.
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