Gavin Wood Steps Down as CEO of Parity Tech While Retaining the Chief Architect Position

Gavin Wood, founder of Polkadot and Chief Executive Officer (CEO) of Parity technologies has officially resigned as CEO of Parity.


According to news reports from Parity, Wood will continue to be a major stakeholder and chief architect but will give up his role as CEO. The next CEO will be Parity co-founder Bjorn Wagner.


Wood’s decision to step down as the CEO comes from his need to find eternal happiness and also have enough time for the things he enjoys doing such as coding, designing, creating ideas, and working on Polkadot token (DOT) so as to deliver value toward fulfilling the company’s mission.


“My retained efforts will be geared toward ensuring that Polkadot and Web3 become available to a large amount of the population,” says Wood, adding that he believes the first step in doing this will be to assist the community in creating a number of intriguing chain-integrated social primitives, which are essential for the company to create a truly Web3 platform. 


Parity technologies is a key provider of blockchain technology built to disrupt centralized online services and provide institutional innovation. 


This was made available with the creation of Parity Ethereum, a prominent Ethereum Client. Currently, Parity is concentrating on Substrate, a blockchain foundation that is industry standard. It has made use of it to create Polkadot, a decentralized web blockchain meta-protocol that connects and secures global crypto-economies.


Through the Polkadot Relay Chain, the Polkadot Protocol can link public and private chains, permissionless networks, oracles, and emerging technologies. This enables these separate blockchains to share data and transactions in an untrustworthy manner.


Many Polkadot users do not seem to be bothered by the news. A Twitter user @Qinwen_Wang says “anything Gavin does or chooses, we support.”


The news of Wood’s resignation as the CEO of Parity comes after Alex Mashinsky recently tendered his resignation as CEO of the troubled crypto loan company Celsius Network.

Peng Zhong, CEO of Ignite, the organization that created the Cosmos blockchain ecosystem also announced his departure from the company earlier in July.

Image source: Shutterstock


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Here’s What To Expect From This $29,000,000,000-Market Cap Altcoin in 2022, According to Ethereum Co-Founder

A pioneer in the world of blockchain is giving his 2022 prognosis for an altcoin which has had a breakout year both in terms of price and project milestones.

In a new blog post, Ethereum co-founder Gavin Wood discusses the future of cross-chain interoperability protocol Polkadot (DOT), which he founded in 2016.

“More than any year yet, 2022 is the beginning of our next chapter in Polkadot’s story. We’ll see the prospect of scaled hyper-connectivity under a single security umbrella which Polkadot provides come to life as more parachain teams win auctions and join the Polkadot party.

With more than 150 chains serving a variety of purposes under development, many of which already with test-nets, there is much to anticipate. We also have the launch of decentralized bridges to look forward to, initially Parity’s bridge which will connect Polkadot to Kusama, and later Snowfork’s which will connect Polkadot to Ethereum.”

Wood says that Polkadot intends to optimize its core code as well as work to lower network costs and reduce latency issues.

“Our goal with this is to allow each one of Polkadot’s parachains to push upwards towards our 1,000 sTPS [standard transactions per second] per-shard target.

Beyond that, the Polkadot team’s efforts will be focused on the parathread feature, allowing teams who do not win an auction to still ensure they have the security guaranteed by Polkadot and get all the benefits of XCMP [cross-chain message passing].”

The price of DOT ran from a January low under $10 to highs above $49 in May and $55 in November but has since corrected considerably. The 10th-ranked crypto asset is currently trading for $27.36.

The Polkadot founder also stresses a commitment to root out scammers from the crypto space.

“In 2021, people from Web3 Foundation and Parity Technologies came together and formed the Anti-Scam team, determined to put a stop to scammers’ free reign and make Polkadot a safe ecosystem for its stakeholders. An additional $130,000 was spent from the Polkadot Treasury and Web3 Foundation for fighting scams.

Over the year, close to a thousand sites and other scams have been taken down overall, with more than 460 scam sites identified by the community. The phishing repository, a comprehensive list of sites and addresses involved in phishing and scams, now includes more than 2,300 entries.

2022 will see the evolution of the Anti-Scam Community Initiative to cover a lot more than scam sites, become community-driven, collaborate with other ecosystem projects and teams, and set the foundations for the first on-chain and decentralized scam fighting campaign.”

Wood concludes by highlighting Polkadot’s successful fundraising initiatives during the past year.

“Our ecosystem also continues to grow rapidly from an investment perspective – we estimate that it comprises around 350 teams now (that’s about an extra 250 on last year’s estimate).

During 2021 alone, about 50 of them together raised over $670m in early-stage funding (seed rounds and Series A).”

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Data shows Polkadot crashes after reaching $1B open interest — Will it happen again?

Whenever there is relevant growth in the number of derivatives contracts currently in play (open interest), it usually means that more traders are involved.

In futures markets, longs and shorts are balanced at all times, but having a larger number of active contracts allows the participation of institutional investors that require a minimum market size.

However, in Polkadot’s (DOT) case, price crashes have often been anticipated by this indicator breaking the $1 billion mark.

Polkadot price in USD at Bitfinex. Source: TradingView

The April 17 crash happened after DOT reached its $48.30 all-time high, which led to a $1.2 billion futures open interest. Over the following week, the altcoin dropped 45% to $26.60, driving the number of active contracts to a $600 million equivalent.

Three weeks later, on May 15, a similar movement happened as Polkadot renewed its all-time high to $49.80. This time around, a 68% crash followed over the next five days. Consequently, the futures open interest reached a 4-month low at $220 million.

Polkadot aggregate futures open interest. Source:

Take notice of how Polkadot’s 28% rally in the first two days of November led to a $53.30 record high and also brought the derivatives indicator above the $1 billion mark.

The 18.9 million DOT development fund announced on Oct. 17 accentuated the rally already in place ahead of the parachain auctions expected for mid-November. According to Polkadot’s founder Gavin Wood, the $960 million grant will be used to build, improve and educate the network’s growing ecosystem.

Projects are currently raising capital to bootstrap their parachain auctions and Polkadot investors who wish to support any of those must lock their DOT into a sponsored account. In return, investors are rewarded air-dropped tokens from the project competing for the parachain slot.

What about the $54 billion question?

Does the current $1 billion “death mark” on Polkadot futures open interest signal a potential crash or will it be different this time?

As previously explained, the open interest metric can not be deemed bullish or bearish on a standalone basis. So, to understand if derivatives traders are using excessive leverage, one should analyze the perpetual futures contract data.

This instrument is the retail traders’ preferred derivative because its price tends to track the regular spot markets.

To balance out their risk, exchanges will charge a funding rate to whichever side demands more leverage and this fee is paid to the opposing side.

Polkadot perpetual futures 8-hour funding rate in May. Source:

Neutral markets tend to display a 0% to 0.03% positive funding rate, equivalent to 0.6% per week, indicating that longs are the ones paying it. The average rate ahead of the May 15 crash was a bit higher at 0.075%, which is roughly 1.6% per week. At this time, longs were not desperate to close their positions and there were no signs of excessive leverage.

Related: Is Polkadot eyeing $100 next? DOT price jumps 25%, triggering classic bullish chart pattern

The only possible conclusion is that a generalized market crash caused investors and algo traders to desperately sell their altcoins, and thus derivatives markets were not the leading cause for the crash.

Another comforting piece of data for Polkadot holders is DOT’s current 8-hour funding rate at 0.05%. This is slightly optimistic and nowhere near levels that are considered concerning. At the moment, there are no signs of potential crash due to the $1 billion futures open interest.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.