Market
Polkadot Treasury Governance Under Fire: Victor Ji’s Perspective

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.

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.
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Market
Ripple Announces $1.25B Acquisition Of Hidden Road To Set Major Milestone

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Ripple Labs has announced a major acquisition to shock the market out of an otherwise dreadful week. Taking to X (formerly Twitter), the crypto firm announced that it has acquired Hidden Road, a brokerage, clearing, and financing firm as it moves forward in its mission to become the leader for institutional investors moving into the digital assets space.
Ripple Acquires Hidden Road For $1.25 Billion
The Tuesday announcement by Ripple has further solidified the mission that the crypto firm has long put forward, and that is to provide instant and quick transfer of value for traditional and institutional investors coming into the digital assets space.
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As CEO Brad Garlinghouse explained in a separate X post, the decision to acquire Hidden Road for $1.25 billion comes after a long-standing customer relationship with the company. Garlinghouse revealed that Ripple understands the breadth of Hidden Road’s expertise, making it a prime candidate for the acquisition.
The integration of the XRP Ledger by Hidden Road will allow for cheap and fast movement of value to the brokerage’s customers, which moves over $3 trillion annually. A portion of this massive value is expected to move through the ledger, as well as using the RLUSD stablecoin as collateral for brokerage services.
Additionally, Hidden Road will be able to expand its capacity for value transfer, allowing Ripple to process even more volume. “With this deal and the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become the largest non-bank prime broker globally,” Garlinghouse’s post read.
This acquisition comes after Ripple acquired Standard Custody back in February 2024. Standard Custody provided an online platform offering clients digital asset custody solutions, enabling Ripple to move into the custody market as well.
XRP Price Responds
Despite the Ripple announcement, the XRP price has remained muted as it continues to struggle below $2, which has since turned to resistance. At the time of writing, XRP is still holding at $1.96, despite its almost 10% in the last 24 hours.
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According to data from Coinmarketcap, the XRP daily trading volume has seen a notable decline, dropping approximately 24% in the last day. This suggests a decline in participation from investors, due to the bearish headwinds that continue to blow through the crypto market.
A recovery from here is highly dependent on Bitcoin, which continues to dominate the market and lead the charge.
Chart from Tradingview.com
Market
XCN Price’s Month-Long Bearishness Meets Whale Conviction

Onyxcoin (XCN) has experienced a month-long consolidation with little upward momentum, leaving the price largely stagnant. The altcoin has struggled to make significant gains, but this has not deterred key investors.
Whale addresses have continued to hold their positions, signaling optimism despite the market’s sluggishness.
Onyxcoin Whales Are Optimistic
Whale addresses, or holders with significant XCN holdings, have shown resilience amid the price decline. Over the past week, even with no growth in the altcoin’s value, these investors have refrained from selling sharply. This ongoing HODLing behavior suggests that they maintain a long-term bullish outlook for Onyxcoin, possibly expecting future gains once market conditions improve.
This conviction among large holders reflects a belief in Onyxcoin’s potential for recovery. Despite a lack of short-term gains, these investors appear focused on holding until the price begins to rise again. Their reluctance to sell even in a stagnant market is a positive indicator of potential upside when the market conditions shift.

On the broader scale, technical indicators like the RSI have been showing a bearish trend for over a month, remaining stuck below the neutral line. The RSI’s positioning below 50.0 suggests that selling pressure still outweighs buying momentum, keeping the price suppressed. The indicator’s prolonged decline points to a sustained bearish market environment.
While this presents challenges for Onyxcoin in the short term, it also implies that the bearish momentum could eventually reach a saturation point. If the market shifts and buying pressure increases, XCN may experience a recovery rally, provided other macroeconomic factors align.

XCN Price Is Looking To Rise
XCN is currently trading at $0.0089, staying within a narrow range between $0.0100 and $0.0083 for the past week. This consolidation is likely to continue unless market conditions improve. The altcoin’s price action has been largely dictated by the lack of positive market momentum, limiting any immediate breakthroughs.
If the broader crypto market sees improvement, XCN could break through the $0.0100 resistance and begin moving toward the $0.0120 level. This would mark a recovery of a portion of the recent losses, potentially restoring investor confidence and signaling a shift toward a more bullish trend.

However, if XCN fails to hold above $0.0083, the altcoin could face a further decline, potentially reaching $0.0070. This would invalidate the bullish outlook and deepen the losses, reinforcing the need for caution among investors awaiting market stabilization.
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
XRP Price, Traders Retreat Despite The US ETF Buzz

XRP has faced a challenging decline over the last 48 hours, falling below the $2.00 support level.
This drop came at an inopportune time, especially considering the excitement surrounding Teucrium’s launch of the leveraged US XRP ETF. The news had initially sparked optimism, but the recent decline has overshadowed it.
XRP Traders Change Their Stance
In the past 24 hours, the funding rate for XRP switched from positive to negative, indicating a shift in market sentiment. Traders have begun shorting the altcoin, likely in response to the recent price decline. This shift suggests that many traders are preparing for further drops in price, hoping to capitalize on any potential bearish momentum.
The negative funding rate further highlights the growing skepticism among traders about XRP’s short-term price performance. While the ETF launch initially created a buzz, the recent price action has shifted traders’ focus to the downside.

The overall macro momentum for XRP is currently weak, as indicated by technical indicators like the ADX. With the ADX reading of 22, just below the threshold of 25, it signals that the current downtrend may be gaining strength. If the ADX crosses the 25 threshold, it would confirm the strengthening downtrend, potentially leading to further declines in XRP’s price.
Given the current technical setup, XRP may struggle to reverse the trend unless key levels of support are reclaimed. The downtrend could persist as traders and investors react to broader market conditions, particularly as XRP faces negative sentiment and increasing selling pressure.

XRP Price Decline Continues
XRP’s price has dropped nearly 12% in the last 48 hours, trading at $1.88 at the time of writing. The bearish trend has already overshadowed any optimism surrounding the launch of the US XRP ETF by Teucrium. If this sentiment continues, XRP could face further downside pressure.
As the altcoin remains trapped under a declining trend line since early March, a further decline to $1.70 seems likely. This would extend the losses experienced over the past few days and put additional strain on the price of XRP.

However, if XRP manages to reclaim $2.02 as support, it could signal a reversal of the bearish trend. A successful bounce from this level could push XRP beyond $2.14, invalidating the current bearish outlook and allowing the altcoin to break free from its downtrend.
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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