Shocking Move from the Chinese Altcoin Community: Stopping Activities!

PolkaWorld, a Chinese altcoin community, announced that it has ceased its operations after its financing offer was rejected. PolkaWorld submitted a proposal aiming to receive funding from Polkadot’s treasury, but this proposal was rejected.

Chinese altcoin community draws attention to funding issues

PolkaWorld claims that Polkadot’s new open governance platform, OpenGov, is negatively impacting long-time contributors to the Polkadot ecosystem. According to the community, many organizations are rejected by the treasury and leave the ecosystem.

In the old management system, there was a council elected by Polkadot owners. PolkaWorld says these council members are experts in specific areas and are knowledgeable in evaluating proposals. The community believes that this feature should be integrated into the existing OpenGov system, which is directly managed by altcoin holders.

PolkaWorld community says they’re being ignored

On the other hand, Markian Ivanichok, the founder of the Brushfam platform that brought businesses to Polkadot, announced that the project will leave Polkadot. Ivanichok expressed frustration with Polkadot’s management system, noting that it was “increasingly difficult” to get funding. Ivanichok says it is not possible for his work to be appreciated in an altcoin ecosystem. He also stated that this ecosystem is “disinterested in its users, business practices, and marketing of the product.”

Polkadot’s OpenGov system was launched in 2023 with the aim of giving every altcoin holder a say in shaping the platform. Thanks to this system, management on the network is carried out directly by DOT token holders. Investors can actively participate in voting on proposals aimed at changes in the ecosystem.

Technical hurdles for Polkadot

In terms of price, in the last decline, DOT bulls re-established a support wall at $3.9. Thus, he led an impressive recovery from 12 September. However, the altcoin has reached a low range of $4.15 at the time of writing.

Additionally, the Relative Strength Index (RSI) has also reached the overbought zone. Thus, he pointed out the strong buying pressure in the last four days. However, entering overbought territory meant that a potential reversal could not be ruled out.

Spot market buyers have gained market leverage since September 12, as shown by the increased CVD (Cumulative Volume Delta). Additionally, the increase in Open Interest rates since September 10 shows that the demand for DOT in the derivatives market has increased. However, the metric has been volatile for the last three days. This causes the scale to tip in favor of sellers. Accompanied by technical indicators, how the crypto market reacts to next week’s developments will also be important for the altcoin. As Kriptokoin.com, we have included the main agenda items of the week of September 18 in this article.