The founder of Polkadot announced the launch of a fund worth more than $ 770 million to improve the project’s ecosystem ahead of the parachain auctions, which kick off on November 11.
Gavin Wood reported on the creation of a fund in the amount of 18.9 million DOT ($ 774 million). The money from the foundation will be used to implement the ideas of the Polkadot community to improve the ecosystem, after approval by the board. The Polkadot Council currently has 13 members, but could be expanded to 24 members in the future.
The creation of the fund was announced a few weeks before the start of the auctions for Polkadot parachains that will be used to create a segmented ecosystem. At auctions, projects based on Polkadot will compete for 1 out of 100 slots on the parachain by applying for a DOT lock.
As a reminder, in June, the first auction of parachain slots was launched on the Kusama Polkadot experimental network. This move brought the project developers closer to launching parachain auctions on the mainnet. Karura, the first decentralized exchange (DEX) on the Kusama network, won the auction with the backing of over 15,000 participants.
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