VOTE NAY! Based on this tweet from Will (THANK YOU VERY MUCH), we will resubmitt with the proper beneficiary.
<a href="https://x.com/replghost/status/1821736106444124320?s=46&amp;t=qaTPpRg7SVG6gbS12uMc4w**">https://x.com/replghost/status/1821736106444124320?s=46&amp;t=qaTPpRg7SVG6gbS12uMc4w</a> <a title="NEW PROPOSAL" href="1068">NEW PROPOSAL</a>
Updated on August 9th, 2024
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Amount requested: **183.326 USDC**

**Introduction**

We are reaching out to kindly request additional funding to support our [previously funded proposal](https://polkadot.polkassembly.io/referenda/663). This request arises from unforeseen market fluctuations that have impacted our budget and jeopardized the quality of our project delivery.


**Background**

In our initial proposal, we based our financial calculations on the DOT price of $8.722 (7-day EMA based on Subscan on April 10, 2024). This figure was instrumental in planning and budgeting for the milestone we set out to achieve.


**Issue Faced**

On the day of award payout, the DOT price had dropped to $6.707 (block 20736000 https://polkadot.subscan.io/referenda_v2/663?tab=timeline) At first, we anticipated this was a temporary pullback and expected a correction back to the $8.5 range. Unfortunately, this correction never occurred, leading to a significant shortfall in our budget.


**Impact on the Project**

The decline in the DOT price has put the quality delivery of our proposed milestones at risk. Without the necessary funds, we face the possibility of compromising on the quality and scope of our deliverables, which we believe is not in the best interest of the community or the project's long-term success.


**Request for Additional Funding**

To mitigate this situation and ensure the successful completion of our project, we are requesting a top-up of **183.326 USDC** (91.663 DOT x 2$ price difference from proposal date to payout date). This additional funding will cover the losses incurred due to the lower-than-expected DOT price and allow us to maintain the high standards we committed to in our original proposal.


**Conclusion**

We understand that fluctuations in the market are an inherent risk. However, we believe that supporting this top-up request will ultimately contribute to the project's success and the broader goals we aim to achieve together. We sincerely appreciate your consideration and support.


**Next Steps**

We are available to discuss this request further and provide any additional information required. Thank you for your understanding and continued support.


Top-Up Request for Previously Funded Proposal #663

Treasury

- Problem Statement: Confusion over the beneficiary of a proposal.
- Significance: Ensuring clarity and accuracy in proposal submissions.
- Proposed Solution: Resubmitting the proposal with the correct beneficiary.
- Expected Outcomes: Improved accuracy and understanding in proposal submissions.

#1058 VOTE NAY!

No Active Proposals