PolkaWorld, the largest Chinese community on Polkadot, recently announced that it will soon cease its activities. The community has been inactive for about fifteen days due to the rejection of its official funding application proposal.
PolkaWorld’s Proposal Rejected
According to recent reports, PolkaWorld, the largest community in China on Polkadot, has announced that it will suspend its activities. The community has been inactive for about fifteen days due to the rejection of its official funding application proposal.
The initial proposal was submitted in August but was later rejected due to the majority of voters casting negative votes. PolkaWorld also stated that there were issues with financial management under OpenGov, with many individuals being rejected and leaving the Polkadot ecosystem.
In a tweet, it was also mentioned that OpenGov may have made a mistake if it contributes to the loss of talented teams. The community also had discussions with some DOT holders who believe that converting their treasury funds into cash would be detrimental to them, so they seem inclined to vote against all proposals. Therefore, PolkaWorld may update its proposal based on community suggestions in the future.
Impact on DOT Price
However, it is worth noting that the PolkaWorld incident did not have a negative impact on the social aspect of DOT. This is evident from the graph showing the high social dominance of DOT according to Santiment. Furthermore, the overall sentiment remains positive.
While the mentioned incident took place, the rise in DOT price gained momentum. According to the data, the price of DOT increased by more than 3% in the last 24 hours. At the time of writing, it was trading at $5.1 with a market cap of over $4.20 billion.
According to analysts, the good news is that the increase in DOT’s price was accompanied by an increase in daily trading volume. However, the token’s one-week price volatility has slightly decreased, which may hinder further price increases. It is interesting to note that Polkadot, known for its development activities, has experienced a decrease in this metric in the last seven days.
