Proposed by:
Requested amount:
0 DOT

#943 · Top-up of Proposal 751 due to DOT price change

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.

Read more
StatusExecuted
61%Aye
Aye (142)
31.15M DOT
Nay (44)
19.16M DOT
Decision28 / 28d
Confirmation7 / 7d
0.0%0.50%
0.0%Support Threshold
0Support Threshold
Support(0.40%)
5.85M DOT
Issuance
1.46B DOT
Vote
ScytaleDigitalSep 3, 2024

Scytale has voted Aye in support of Ref. 943. The PBA program has proven to be a well-organized and effective learning experience for ecosystem newcomers. 

Scytale's general position is supportive of top-up proposals, especially when the proposer has fulfilled previous commitments satisfactorily and has shown that the financial discrepancy was out of their control. Scytale recommends to utilize the treasury's USD stablecoin holdings to avoid price fluctuations.


PolkassemblyGovAug 6, 2024

We support PBA and its initiatives.

wirednkodJul 30, 2024

A very easy Aye, as a graduate from PBA cohort #2 and, now, part of the team. The people, teams and value that PBA brings to the ecosystem is priceless.

shawntabriziJul 29, 2024

I am obviously in support of the PBA.

As an instructor and program designer, I feel that we have created one of the best Web3 educational experiences in the world.

The results of graduated students and their turnover into the Polkadot ecosystem speak for itself in terms of impact and benefit for Polkadot.

TimPBAJul 26, 2024

Hi All, we have created a report on PBA5. We The intention is to show detail on what we have achieved to date with the PBA as transparently as possible. We are confident that this will show voters that PBA is contributing well whilst spending sensibly.

https://docs.google.com/document/d/1gV0Ds1JF3wd8Vu5uIyym03V7svOgxTtLU8yal3Vi5lg/edit

This top up request is for funds that for the most part have already been committed and are owed based on the successful proposal request for and execution of PBA5.

The report shows that we underspent by a little under $200k when compared with the estimates originally provided in the PBA5 proposal. This sum will come off our next proposal as is our MO.

The next proposal will be launched soon and will introduce PBA-X, our cost efficient and scalable online PBA,. It will also introduce PBA6, a shortened and more efficient advanced in person course, made possible by PBA-X. .

Our next steps will increase our impact even further by improving scalability and reach whilst driving cost efficiency.

BRAJul 21, 2024
  1. Hola, lo votos delegados en BRA_16-D son votados desde la comunidad. independientemente del voto les qudemos dejar algunos comentarios.

Algunos miembros no les gusta que hayan esperado más de dos meces para llevar a cabo el top up

Gracias por enviar su propuesta y buena suerte

Hi, the votes of the delegates in BRA_16-D are voted by the community. Regardless of the vote, we would like to leave you some comments.

Some members do not like that they have waited more than two months to carry out the top up

Thank you for submitting your proposal and good luck

EzioRedJul 17, 2024

GM.

I have voted AYE on this proposal, as I believe the application aligns with what has been presented at the on-chain level.

I am confident that the continued development of the Polkadot Blockchain Academy (PBA) will contribute significantly to the growth and maturity of the Polkadot ecosystem. I am convinced that the PBA plays a crucial role in training the next generation of blockchain talent, and I am excited to witness its evolution and the benefits it will bring to the community.

TimPBAJul 17, 2024
cesar

César from the Mexican Collective DV

PBA has been a great initiative for the Polkadot ecosystem since the beginning. It is very important, and attracting developers at this moment is key for technological development.

I just have two questions: What are you going to do if the price of DOT continues to go down? Will PBA_TIM request more funds in USDC? And the second question is, if the price of DOT goes up, are you going to return the difference in funds?

César

@cesar  we will likely request in USDC in the future because most of our payments are made in fiat to brick and mortar vendors like hotels, airlines, etc. If the price of DOT goes up between referendum proposal and receipt of DOT, we remove the USD difference from the next proposal. This will no longer be an issue once we start requesting in USDC from the next referendum onwards.

cesarJul 11, 2024

César from the Mexican Collective DV

PBA has been a great initiative for the Polkadot ecosystem since the beginning. It is very important, and attracting developers at this moment is key for technological development.

I just have two questions: What are you going to do if the price of DOT continues to go down? Will PBA_TIM request more funds in USDC? And the second question is, if the price of DOT goes up, are you going to return the difference in funds?

César

TimPBAJul 4, 2024
YungBeef

Why'd you wait almost 2 months for this?

@YungBeef  Yungbeef, until now we’ve liquidated by tranches based on our payment schedule with vendors. We made sure to account for any DOT appreciation by counting it towards the next proposal and lowering the total asked. Our thought was that by waiting we were easing sell pressure on DOT, but if the community feels differently we will liquidate everything to USDC now and will only create new referenda with USDC requested.

To illustrate the point around accounting for DOT appreciation, the last referendum doc shows a treasury section in the Wave 5 cost breakdown section;

https://docs.google.com/document/d/1K1hkkK7OYxZ1dhpLMC36lJuO5FBlhEe1dMtQYyNcHbQ/edit#heading=h.gjdgxs

It shows that we gained $20,132.29 in DOT<>USD FX so removed it from the overall cost. This current referendum is accounting for the reverse of that.

YungBeefJul 3, 2024

Why'd you wait almost 2 months for this?

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