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Polkadot will disburse $21 million in DOT tokens to support ecosystem development


February 6, 2022 · By MATheGooner
Polkadot (DOT)

The Polkadot ecosystem has grown significantly, and the network development team has made a decision that will allow the ecosystem to continue to evolve in the years ahead.

The Polkadot network now has a new Pioneers Prize incentive, which intends to provide more problems for developers to tackle through technical innovation. 

The team hopes to attract new talent for years to come with this bounty idea, which was supported by the community. The total prize monies for the first two challenges total 993286.98 DOT, or $21 million at the time of writing, with the total prize funds for the first two challenges totaling 993286.98 DOT, or $21 million at the time of writing.

The first two challenges address fascinating topics like zero-knowledge research and improvements to the Polkadot infrastructure. The first difficulty could lead to some ecosystem-wide privacy solutions, whereas infrastructure enhancements could propel Polkadot’s technology further. 

As parachains become a more important element of the ecosystem in the coming years, it will be critical to optimize existing rails and enable future-proof improvements. 

The following is how the prize pool will be divided:

  • DOT tokens worth $17.5 million has been allocated to different zero-knowledge programs. Depending on how many cases of ZK problems are uncovered by the Web3 research team and the larger ecosystem, this amount could rise. 
  • Infrastructure projects will get $3.5 million from the Department of Transportation. It’s possible that the amount will be changed, but it’s unlikely. 
  • The Web3 Foundation research team and community can recommend additional reward categories in which Polkadot can benefit. 
  • Payments will be made 40 days after the final submission is received (s).

The Polkadot Pioneers Prize will be structured on “child bounties.” More information on this strategy will be released in Q2 and Q3 of 2022. Child bounties will make it easier to set up funds and publicize DOT prize-related programs ahead of time. Furthermore, they allow the elected curator, among other things, to divide reward distributions into award categories. 

Polkadot has been doing parachain slot auctions since November 11th. Projects wanting to win a slot employed crowdfunding to raise DOT and stake the tokens in order to bid for parachain slots. Over $3.5 billion in crowd-loans DOT has been raised through the first 10 participating enterprises.

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