Market
Polkadot Treasury Governance Under Fire: Victor Ji’s Perspective
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Manta Network co-founder Victor Ji called out the Polkadot (DOT) ecosystem for unprofessional conduct at work. Kicking the horse when it is down, the outburst comes as the community criticizes the network over futile marketing despite a bloated budget.
As the digital asset space evolves with a focus on decentralization, community participation in network governance becomes more vocal.
Polkadot Slammed for Workplace Toxicity
Victor Ji of Manta Network criticizes the Polkadot ecosystem, citing its toxicity. He argues that it lacks real value for Web3, and that the DOT network fails to prioritize users or drive adoption.
“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,” Ji expressed.
Notably, the Manta network started its journey as a Layer-1 blockchain built on Polkadot’s Substrate framework. It has since expanded its horizons to introduce a Layer-2 solution tailored for the Ethereum, effectively widening its scope and applicability.
Read More: What is Polkadot? Everything You Need To Know
According to Victor Ji, the Polkadot team is incapable, not truly decentralized, and does not support builders on its stack. The Manta executive joins the DOT community, which is also disappointed in the ecosystem after revenues declined during H1 of 2024. Per the reports, Polkadot’s treasury holds less than $245 million worth of assets, sparking longevity concerns.
“Polkadot’s Treasury has about 2 years of runway left at the current burn rate of $87m per 6 months,” wrote Ignus, co-founder at Pink Brains DeFi creating studio, echoing Polkadot head ambassador Tommi Enenkel in the June 28 treasury report.
The revenue report shared on the Polkadot governance forum on June 28 revealed that the project allocated $37 million to marketing in the first half of the year. This expenditure is part of the $87 million total spent during this period. The significant marketing investment has sparked backlash, as it failed to achieve its primary goals, including attracting new users, developers, and businesses to the Polkadot ecosystem.
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Why Polkadot Treasury May Not Run Dry
Despite the community concerns, Polkadot’s treasury may not deplete funds even if it spends the $245 million worth of assets it still holds. This is because the network sends almost 7% of the total token inflation (staking rewards) to the treasury.
“It is slowly but steadily refilled with inflation that is split between staking and treasury,” Polkadot activist Giotto de Filippi wrote, challenging claims of a limited runway.
With continuous staking rewards flowing in, Polkadot’s treasury actively finances the network through this steady revenue stream. Moreover, funneled staking rewards allow for the alignment of incentives between users and the project itself. Polkadot Total Value Locked (TVL) has increased by 5% since June 30, DefiLlama data shows. This is likely as reports of the sustainable financial model continue to inspire optimism.
Also Read: 5 Best Polkadot (DOT) Wallets To Consider In 2024
Björn Wagner, co-founder of Parity Technologies, the company behind Polkadot, provided context to the ongoing debate. In a recent X (formerly Twitter) post, he shared that both Web3 Foundation and Parity have significant financial runway independent of the Polkadot on-chain treasury, which receives continuous inflows.
“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,” he wrote.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
3 Meme Coins to Watch For The Last Week of February 2025
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DOGEai, TST, and BROCCOLI are three meme coins drawing attention for the last week of February. DOGEai, launched on Solana, is up 110% in the past seven days, positioning itself as a leading AI meme coin.
TST remains one of the most popular meme coins on the BNB chain despite a recent correction. At the same time, BROCCOLI, inspired by Binance co-founder CZ’s dog, has also seen significant volatility.
DOGEai (DOGEAI)
DOGEai is an artificial intelligence coin launched on Solana. Its market cap is now $32 million, up 82% in the last seven days. This rise has positioned DOGEai as one of the most talked-about AI meme coins in recent days.
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DOGEai leverages multiple narratives, including Dogecoin’s popularity, the growing interest in DOGE (Department of Government Efficiency), and the broader AI cryptos trend. It defines itself as “an autonomous AI agent here to uncover waste and inefficiencies in government spending and policy decisions,” offering bill summaries and insights into government expenditures.
If the current uptrend continues, DOGEai could test the resistance at $0.048, with potential targets at $0.059 and $0.069. However, if a downtrend emerges, DOGEai has support at $0.030, and if that level is lost, it could drop to $0.018 or even $0.0092.
Test (TST)
TST has emerged as one of the most popular meme coins on the BNB chain, benefiting from the chain’s growing volume, which recently even surpassed Solana.
In the days following its launch, TST reached a market cap close to $500 million, then entered a strong correction phase. Its market cap has since dropped to $78 million.
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If the BNB narrative gains strength again, TST could benefit as one of its most popular meme coins and may test the resistance at $0.10. A breakout above this level could push TST to $0.20 or even $0.25 if buying pressure intensifies.
However, if TST fails to regain strong upward momentum, it could test the support at $0.0719 and potentially drop to its lowest levels since February 9.
CZ’S Dog (BROCCOLI)
BROCCOLI was launched a few weeks ago after Binance co-founder CZ revealed his dog’s name, sparking a flood of BROCCOLI tokens on the market.
The largest of these tokens quickly surged to a $249 million market cap in its early days but has since dropped to $52 million.
Like TST, BROCCOLI benefited from the recent rise of the BNB ecosystem but has since entered a strong correction phase. It is down 40% in the last seven days.
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If the downtrend continues, BROCCOLI could test support near $0.04, and a break below this level could push it to its lowest price since launch.
However, if the BNB ecosystem and meme coins regain traction, BROCCOLI could benefit, especially given the popularity of dog-related meme coins like Dogecoin and Shiba Inu. In this bullish scenario, BROCCOLI could rise to test the resistance at $0.113.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ethereum Rollback Debate Intensifies After Bybit Hack
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The crypto community is divided over calls for an Ethereum blockchain rollback following a massive security breach at Bybit.
On February 21, the exchange lost nearly $1.5 billion in ETH to hackers, sparking discussions about whether Ethereum should intervene to recover the stolen funds.
What is a Blockchain Rollback?
A blockchain rollback, also known as a reorganization, involves reversing confirmed transactions to restore the network to an earlier state.
This process usually happens after a major security breach or exploit. Validators must reach a consensus to discard the affected blocks, effectively erasing the malicious transactions.
Despite its potential benefits, a rollback remains a controversial and rarely used measure due to its impact on a blockchain’s trust and decentralization.
Blockchains operate on the principle of immutability, meaning transactions are expected to be final once confirmed. So, rolling back transactions challenges this principle, raising concerns about the security and reliability of the network.
Crypto Leaders Clash Over Ethereum Rollback Proposal
BitMEX co-founder Arthur Hayes has been vocal in advocating for a rollback to solve the ByBit hack. He pointed to the 2016 DAO hack, where Ethereum underwent a hard fork to recover stolen funds, as precedent.
Hayes argued that since Ethereum previously compromised on immutability, another intervention should not be off the table.
“My own view as a mega ETH bag holder is ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016,” Hayes said.
JAN3 CEO Samson Mow also supported the rollback, stating it could prevent North Korea from using the stolen funds to fund its nuclear weapons program.
However, not everyone agrees. Pseudonymous crypto trader Borovik strongly opposed the idea, arguing that a rollback would jeopardize Ethereum’s credibility and neutrality.
Bitcoin advocate Jimmy Song also dismissed the possibility, stating that the Bybit hack cannot be compared to the 2016 DAO exploit. Song emphasized that the DAO hack allowed for a 30-day intervention, whereas the Bybit attack is already finalized, making a rollback impractical.
“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” Song added.
Meanwhile, Ethereum supporter Adriano Feria introduced an alternative perspective. He argued that Bybit could have avoided this situation by using a Layer 2 (L2) solution with conditional reversible transactions.
According to Feria, blockchain technology needs some form of reversibility to ensure real-world adoption.
“Whether through social recovery or another pre-determined, immutable, and transparent decision-making process, real-world mass adoption will not work without reversible transactions. Without this capability, transactional activity will inevitably gravitate toward TradFi systems that already provide it,” Feria stated.
This debate raises a fundamental question for Ethereum: should it prioritize immutability or intervene in extreme cases?
While some see a rollback as a necessary response to an unprecedented loss, others fear it could undermine the core principles of decentralization. Ethereum’s next steps will likely shape its long-term credibility and trust within the crypto space.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Berachain (BERA) Falls 15% After Recent Rally Surge
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Berachain (BERA) is down almost 15% in the last 24 hours, with its market cap now at $778 million, although its price remains up nearly 20% over the past seven days. This sharp pullback comes after a strong rally between February 18 and February 20, when BERA reached levels above $8.5.
BERA’s Relative Strength Index (RSI) has dropped from overbought levels, signaling a loss of bullish momentum, while its Directional Movement Index (DMI) shows growing bearish pressure. As BERA navigates this correction phase, it faces key support at $6.1, with potential resistance levels at $8.5, $9.1, and $10 if bullish momentum returns.
BERA RSI Is Dropping Steadily After Touching Overbought Levels
Berachain Relative Strength Index (RSI) is currently at 50.6, down sharply from 86.7 just two days ago when its price surged above $8.5. RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.
It is commonly used to identify overbought or oversold conditions, with values above 70 indicating overbought levels and below 30 suggesting oversold territory.
The steep decline in BERA’s RSI reflects a significant loss of bullish momentum after reaching overbought levels above 86, where a correction was likely.
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With RSI now at 50.6, BERA is in a neutral zone, suggesting that buying and selling pressures are relatively balanced.
This could indicate a period of consolidation as the market digests recent gains. If RSI continues to decline below 50, it could signal increasing bearish momentum. This could lead to a further price drop for BERA.
Conversely, if RSI stabilizes and begins to rise, it could suggest renewed buying interest and a potential recovery in Berachain price.
BERA DMI Chart Shows Buyers Are Losing Control
Berachain Directional Movement Index (DMI) chart shows its Average Directional Index (ADX) currently at 50.5, after peaking at 60.2 yesterday, up from just 13.3 five days ago. ADX is an indicator used to measure the strength of a trend, regardless of its direction, ranging from 0 to 100.
Values above 25 typically indicate a strong trend, while values below 20 suggest a weak or sideways market. The sharp rise in ADX reflects a significant increase in trend strength, confirming that BERA has been experiencing strong directional movement recently.
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Meanwhile, BERA’s +DI is at 24.4, down from 48.4 two days ago, indicating weakening bullish momentum. Meanwhile, -DI has risen to 15.1 from 4.9, suggesting growing bearish pressure.
This shift signals that the bullish trend that drove prices higher is losing steam, and selling interest is beginning to increase.
If -DI continues to rise above +DI, it could indicate a bearish crossover, signaling a potential reversal or deeper correction in BERA’s price. However, if +DI stabilizes and moves upward again, it could suggest a continuation of the uptrend, albeit with reduced momentum.
Will Berachain Fall Below $6 Soon?
Berachain surged 53% between February 18 and February 20, pushing its price above $8.5 after the coin struggled following its airdrop. However, after this sharp rally, BERA entered a correction phase and is currently down almost 15% in the last 24 hours.
This pullback suggests profit-taking and a shift in market sentiment as buyers hesitate to push prices higher. If the downtrend continues, BERA could soon test the support at $6.1, and a break below this level could lead to a further decline towards $5.48, reflecting increased selling pressure.
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On the other hand, if Berachain can regain its bullish momentum from a few days ago, it could rise above $8.5 again, potentially testing the next resistance levels at $9.1 or even $10.
To confirm this bullish scenario, Berachain would need to see renewed buying interest and strong upward momentum. If buyers can defend key support levels and push the price above resistance zones, it could indicate the continuation of the uptrend.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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