Context

On March 27, 2024, LimeChain submitted Referenda 618, requesting 18,694 DOT, equivalent to $176,135 USD at the time, based on the EMA-30 price of $9.422 per DOT. The proposal was approved, and funds were received on May 13, 2024. However, by then, the price of DOT had dropped to $6.617, resulting in a significant shortfall in the USD value of the funds.

Despite this, we successfully completed and deployed the project, delivering substantial improvements to the speed, performance, and indexing capabilities of Subsquid, a critical tool for accessing on-chain data within the Substrate ecosystem. For detailed updates on our progress and guidance on using the indexer, please refer to our updates thread.

Our full treasury report is available here.

At the time of submitting Proposal 618, stablecoin-denominated requests were not widely practiced or available. To prevent similar issues in future proposals, we will request funding in stablecoin-denominated amounts moving forward.

Shortfall Calculation

Initial Proposal (March 27, 2024):

• Requested DOT: 18,694 DOT
• EMA-30 Price: $9.422 per DOT
• Total USD Value: $176,135 USD

Funds Received (May 13, 2024):

• Received DOT: 18,694 DOT
• DOT Price: $6.617 per DOT
• Actual USD Value: $123,698 USD

Shortfall:

• USD Shortfall: $176,135 - $123,698 = $52,437 USD
• Planned Slippage (5%): $8,387 USD
• Net Shortfall: $52,437 - $8,387 = $44,050 USD

Top-up Request

In addition to the development efforts required to implement the planned features, a significant portion of the project budget was allocated to infrastructure costs. However, due to the drop in DOT’s value, this portion of the budget has been greatly reduced. The funds from this top-up proposal will be used to cover these essential infrastructure expenses and ensure the project remains on track.