The Chinese blockchain community within the Polkadot ecosystem, known as PolkaWorld, has faced a significant setback. They had submitted a proposal seeking funding for their community activities from September to November 2022, but unfortunately, the proposal was rejected.
Despite #DOT's rally, #Polkadot faces roadblock https://t.co/VdmHRHxg4Z
— AMBCrypto (@CryptoAmb) September 16, 2023
PolkaWorld, announced that it will temporarily suspend its operations. This decision rejected their funding proposal, leaving the community inactive for around two weeks.
The original proposal was initially presented in August but faced rejection because most voters opposed it. PolkaWorld also cited issues related to financial management under OpenGov, which led to the departure of many individuals from the Polkadot ecosystem.
In a tweet, PolkaWorld expressed concerns about the potential loss of talented teams caused by OpenGov’s actions. The community also interviewed DOT holders who believed converting Treasury funds into cash could be detrimental, leading them to vote against all proposals.
🫥 It's super sad to say that PolkaWorld's proposal was rejected, and we've been halted operations for half a month now. This is the first time we've had to pause in the four years and three months since we started in 2019. All of these changes happened after @Polkadot initiated… https://t.co/KxqhCRKTXC
— PolkaWorld (@polkaworld_org) September 15, 2023
In response to these challenges, PolkaWorld has announced its intention to revise its proposal based on community feedback. Despite PolkaWorld’s difficulties, the price of DOT (Polkadot’s cryptocurrency) showed positive momentum. DOT experienced a 2.64% price upswing over the past 24 hours, reaching $4.19, and its market capitalization now exceeds $5.1 billion.
This positive price movement coincided with heightened daily trading activity and a surge in Open Interest, hinting at the possibility of a lasting uptrend. On the 4-hour price chart for DOT/USD, the Keltner Channel bands indicate a bullish trend, with upper and lower values of 4.20 and 4.00, respectively.
Green candlesticks and prices above the upper band further support the bullish momentum. However, traders are advised to exercise caution regarding potential resistance levels and consider implementing stop-loss strategies to manage risk if the strength of the bullish trend wanes.
In conclusion, PolkaWorld’s funding setback showcases the resilience of the DOT cryptocurrency, proving that challenges can fuel crypto’s upward trajectory. As PolkaWorld revisits its proposal, the crypto community witnesses the enduring strength of Polkadot’s ecosystem.
