PolkaWorld, the largest Chinese community on Polkadot (DOT), announced that it will cease operations after its official funding application proposal was rejected by the treasury.
The community platform, which has been operating since 2019, announced that it has not been operating for the last 15 days due to financial problems caused by the new OpenGov system.
OpenGov was a governance model introduced by Polkadot altcoin founder Gavin Wood to make Polkadot governance more decentralized and democratic, while also making the treasury more efficient and transparent. However, PolkaWorld claimed that OpenGov had some issues that affected long-term contributors and organizations the most, with many being rejected by the treasury and leaving the Polkadot ecosystem.
In a series of tweets, PolkaWorld explained its views on OpenGov and suggested some possible solutions. The original management system, which had a “professional” council elected by DOT owners to evaluate bids, should not be scrapped but integrated into OpenGov, the community platform said.
He also noted that the treasury should also consider other forms of financing, such as USDT or other tokens, to avoid harming DOT holders who might vote against proposals that convert treasury funds into cash.
PolkaWorld also urged all DOT owners to understand that the treasury exists to strengthen and enrich the ecosystem and that OpenGov may be making a mistake if it results in the loss of talented teams.
However, the community signaled that they could make a comeback if there are some changes:
“We must look at all these changes with more optimism. OpenGov has its issues, but this is also an improvement and optimization for Polkadot. We must adapt to ever-changing rules and steer the system in the right direction rather than moving away from it. Let's give it some time to see how the system evolves.
“We encourage people to actually vote rather than just follow the herd.”
*This is not investment advice.