Unpacking the Polkadot Burn: What I Need to Know About the 374.27K DOT
There’s a buzz and a speculation about a potential ~374.27K DOTs burn on Polkadot.js in less than two days.
But hold on a second, though. Polkadot's OpenGov treasury has a built-in burn mechanism, but it only targets 1% of unspent fundsat the end of a spending period (usually 24 days). So, while Polkadot.js shows a large unspent amount, likely only a fraction of it will actually be burned:
Polkassembly’s GUI also showed an explanation that only a percentage of it will be burned.
It's difficult to definitively say whether ~374.27K DOTs will be entirely burned or just a portion of it but for me, the 1% burn rate will be applied and to avoid confusion in the future, a clear explanation about the 1% burn rate directly on the Polkadot.js would be helpful just like how it is being presented on Polkassembly’s GUI. But honestly, I would really love to see this entire unspent treasury funds to get burned. How about you?Can anyone with more specific knowledge about this scenario clarify if the burning involves the entire amount or a specific percentage only?
Share your thoughts regarding this matter in the comments below.
Cheers! 🍺
They call me a-not-so-Dr. Wavin Good. Blockchain architect by accident, an aspiring music-visualizing maestro, a chef of slightly-burnt midnight ramen, and my love for beer is as bubbly and persistent as a hard fork on a Friday night.
Co-founded Ethereum, birthed Polkadot, and still chases shiny tech like a Bitcoin-hangover canary with a crypto itch.
I don't pretend to have all the answers, friends. This blockchain lark is a messy business, like wrangling cats in a mosh pit. But hey, at least the beer's always cold, the code keeps me warm, and who knows, maybe one day we'll build a future where everyone can raise a glass to a decentralized pint of freedom.
Cheers! 🍺
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