Proposal: Request for DOT Top-Up to Cover Price Difference

Context

On April 7, 2024, Project Magnet ( https://polkadot.polkassembly.io/referenda/654) submitted a proposal for 33,956.17 DOT, equating to USD $294,400 based on the EMA-7 price of $8.67 per DOT at the time of submission. The proposal was approved, and the funds were received on May 6, 2024. However, the EMA-7 price of DOT had decreased to $7.315045 by this date, resulting in a significant shortfall.

Calculation of Shortfall

Initial Proposal Amount (April 7, 2024):

• Requested DOT: 33,956.17 DOT 
• EMA-7 Price: $8.67
• Total USD Value: 33,956.17 DOT * $8.67 = $294,400

 

Funds Received (May 6, 2024):

• Received DOT: 33,956.17 DOT
• DOT Price: $7.315045
• Actual USD Value: 33,956.17 DOT * $7.315045 = $248,354.20

 

Shortfall:

• Shortfall in USD: $294,400 - $248,354.20 = $46,045.80
• EMA-7 Price: $5.991 (July 8, 2024)

 

Request Top-up:

• 46,045.8 USD

 

Project Development Updates:

Execution Layer Modules:

EVM, WASM, and MoveVM abstractions are completed. AssetBridge: The front-end UI and application redesign have been completed. Please refer to the attached images. Proxy and Multisig: The abstraction and integration of these two modules have been completed. Coretime Layer Modules:

Coretime Layer Modules:

Bulk & on-demand: Work in Progress (WIP). Bulk coretime purchase information proof generation and verification have been completed. The on-demand coretime module is currently under development.

Profit Layer Modules:

Profit Modules: On-demand Profit calculation and configurable distribution have been completed. Bulk Profit calculation and configurable distribution are currently under development.

For details about project updates, please refer to our GitHub page.

Front End:

Design has been completed, and front-end page development is in progress. For details, please refer to the attached images.

Testnet:

The first Magnet Testnet is online in Rococo, running with Bulk Coretime model using DOT as gas fee

Conclusion:

The requested top-up of 46,045.8 USD is essential to align the project's funding with its original budget, ensuring the successful execution of the Magnet project as initially planned. We kindly request the community's support for this proposal.

Github: https://github.com/Magport/Magnet (Latest feature is in develop branch)

Design Detail: Google Doc

Partial application interface preview can be found in the appendix : Google Doc