Coinbase, the largest crypto exchange in the US, is reportedly gearing up for Polkadot ETF. According to insiders, the initial approval stage is already scheduled for July 15. A Polkadot ETF would be a massive boost for the entire ecosystem. On June 28, the exchange kickstarted the ETF process by launching DOT Futures Contracts, followed by a DOT Futures ETF, and ultimately, a DOT Spot ETF.
The announcement led to a massive volume spike in Coinbase Derivatives. Once DOT ETF gets the green light, ecosystem altcoins and similar fundamental tokens are expected to skyrocket, as per market observants.
First on the list is Kusama Network: Kusama is an experimental blockchain built on Substrate that is designed to provide a massively interoperable and scalable framework for developers. With a market cap of $349 million, the token currently trades at $23.10.
Astar network is a Polkadot parachain that connects the DOT ecosystem with L1 blockchains like Ethereum and Cosmos. Another notable mention is Centrifuge, a decentralized asset financing protocol that connects DeFi with real-world assets.
Social gaming website platform Enjin has over 20 million users and 250,000 gaming communities. The ETF development could propel the project to new heights. Similarly, the Manta Network, which offers scalable execution environments for dApps, focuses on zero-knowledge [ZK] applications and is another noteworthy project likely to benefit from a Polkadot ETF.
Overall, an ETF would create opportunities like increased exposure to a wider investor base, potential price appreciation, ecosystem development opportunities, and heightened marketing visibility within the broader crypto investment community.
Polkadot’s Spending Spree On Promotional Activity
Meanwhile, Polkadot’s Treasury reported significant financial activity in the first half of 2024. As per the report, the treasury has spent as much as $87 million [11 million DOTs] on various initiatives, $37 million of which was spent on marketing. However, the report sparked controversy: Out of $87 million in expenses, revenue accounted for a mere $1.1 million. Community members have called for controlled spending, highlighting the urgent need for accountability.
If the Polkadot Treasury continues to be drained in this questionable manner, the next thing in question might be Polkadot’s future. $87M spent in six months, with only two years of budget left, what’s next for Polkadot?