This proposal is to top-up our approved request from OpenGov #584, as due to the fluctuation of the DOT price, we have received 30% less liquid funds.
OpenGov Referendum #584 / Treasury Proposal #751 was submitted on 2024-03-18 19:38:12 (+UTC). We requested 167,214.5 DOTs. At the time of conversion, the price of DOT was 9.4802, which translates to a request for $1,585,229.01.
The funds were disbursed to the PBA on May 12th 2024, when the price of DOT was $6.6204, effectively making our funding $1,107,026.87
This resulted in a $478,202.14 deficit due to the drop in price of DOT. We did not expect such a level of volatility and our expenses are set in fiat. While we did allocate a buffer for the expenses to be incurred, this large deficit does not allow us to fulfil our obligations to our vendors in Singapore, our international faculty, and our operational staff.
We are making a top-up request of 478,202.14USDC. As is the case with all Polkadot Blockchain Academy funding, any unused funds will be deducted from future proposals.
Threshold