Top-up of Proposal 657 due to DOT price change.
Beneficiary:This proposal is to top up our approved request from REF #657, as due to the fluctuation of the DOT price, we received 25.28% less.
Proposal Ref 657 was submitted on April 9th. We requested 8,420 DOTs. At that time, the price of DOT was $8.97, which translates to $75,527.40 ( we asked for $75,500.00).
We received the funds on May 12, where the price of DOT was $6.70 = $56,414.00.
This means we are $19,086.00 short due to the high price volatility of DOT. We did not expect this high volatility. And we also didn't allocate a 10% buffer, as is often done in most proposals (we only planned to refund any surplus to the treasury).
Based on Subscans EMA30 DOT price of $7.093 ( as of May 17th), we are making a top-up request of 2,960 DOTs (2,691 DOTs + 269 DOTs as a 10% buffer due to the high price volatility of DOT). The buffer is to avoid another situation like the one we encountered. Here, you can see the Excel spreadsheet with the calculations.
Any extra amount received will be returned to the treasury.
Please follow our monthly progress reports https://www.polkabiz.eu/progressreports
Comments (4)
Proposal Passed
3
of 3Summary
0%
Aye
0%
Nay
Aye (57)0.0 DOT
Support0.0 DOT
Nay (12)0.0 DOT
Comments (4)
Hey @PolkaMario and Christian
I just wanted to voice my strong AYE for the top-up. With the volatility of the DOT price, it’s completely reasonable that the funds received were significantly less than expected. You ended up with 25.28% less. That’s a big gap, and I understand why you need an additional 2,960 DOTs to cover the shortfall and include a buffer for future fluctuations.
Your work so far is impressive and valuable for the Polkadot ecosystem. Launching the PolkaBiz website and setting up initiatives like the Founders Lab and Investor Night show a solid commitment to supporting entrepreneurs and fostering innovation. Collaborating with the PBA to establish the Pitch & Mentor program for the Singapore cohort is another fantastic initiative to help seed Polkadot with new projects and leaders.
Your report status update from May 2024 highlights your extensive efforts on this project. From launching the website to organizing pitch events and mentoring sessions, PolkaBiz is clearly making a significant impact. Given all this hard work and the unexpected shortfall due to the DOT price fluctuation, I believe the top-up request is justified and essential for you to continue delivering these valuable programs. Your commitment to returning any surplus to the treasury shows transparency and responsibility. Keep up the great work.
Strong AYE here. Let’s ensure You have the resources needed to keep pushing Polkadot forward.
ChaosDAO would like to provide the following feedback from our community. We offer this feedback voluntarily in the spirit of OpenGov, in order to help teams improve their proposals so we can all build the network together.
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Some members expressed their desire to see the receipts of the price the received DOT was sold at
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Other members stated that price variations in DOT are part of the imperfections of how OpenGov works and we shouldnt change the approach as it could make it gameable
ChaosDAO votes as a collective based on the results of our anonymous internal voting procedures. Our members are not required to provide any feedback about why they have voted in a particular direction. Similarly, to respect our members' right to anonymity, we will not be sharing names of individuals who have chosen to voluntarily provide feedback.
Hey @PolkaMario and Christian
I just wanted to voice my strong AYE for the top-up. With the volatility of the DOT price, it’s completely reasonable that the funds received were significantly less than expected. You ended up with 25.28% less. That’s a big gap, and I understand why you need an additional 2,960 DOTs to cover the shortfall and include a buffer for future fluctuations.
Your work so far is impressive and valuable for the Polkadot ecosystem. Launching the PolkaBiz website and setting up initiatives like the Founders Lab and Investor Night show a solid commitment to supporting entrepreneurs and fostering innovation. Collaborating with the PBA to establish the Pitch & Mentor program for the Singapore cohort is another fantastic initiative to help seed Polkadot with new projects and leaders.
Your report status update from May 2024 highlights your extensive efforts on this project. From launching the website to organizing pitch events and mentoring sessions, PolkaBiz is clearly making a significant impact. Given all this hard work and the unexpected shortfall due to the DOT price fluctuation, I believe the top-up request is justified and essential for you to continue delivering these valuable programs. Your commitment to returning any surplus to the treasury shows transparency and responsibility. Keep up the great work.
Strong AYE here. Let’s ensure You have the resources needed to keep pushing Polkadot forward.
ChaosDAO would like to provide the following feedback from our community. We offer this feedback voluntarily in the spirit of OpenGov, in order to help teams improve their proposals so we can all build the network together.
Some members expressed their desire to see the receipts of the price the received DOT was sold at
Other members stated that price variations in DOT are part of the imperfections of how OpenGov works and we shouldnt change the approach as it could make it gameable
ChaosDAO votes as a collective based on the results of our anonymous internal voting procedures. Our members are not required to provide any feedback about why they have voted in a particular direction. Similarly, to respect our members' right to anonymity, we will not be sharing names of individuals who have chosen to voluntarily provide feedback.