Notice: Polkadot has migrated to AssetHub. Balances, data, referenda, and other on-chain activity has moved to AssetHub.Learn more
Requesting "Top Up" of Approved Ref #644 due to DOT price change
REFERENDUM #644 "Top Up"
Proponent: ORSEN_SEAN - 1eUsBZgJuvpmVNBrBSRQ9gjPTuH6QMAnQrdwQ1ZXwa5FEvo
Beneficiary: Multi-sig - 13JJDv1yBfMtP1E66pHvm1ysreAXqkZHxY5jqFR4yKPfL2iB
Multi-sig with 9 trusted members of the community.
Status: Currently in contract negotiation with community approved sports sponsorship proposition.
No Funds have been transferred from Multi-sig, or will be transferred without full disclosure of contract terms.
Top Up Funds Requested: 598K DOT
In referendum #644 we requested a total of $8.82m with the day's EMA7 of $9.11 This was a total of 968k DOT. Current EMA7 is $6.12 at Block #21288919. The Multi-sig currently has insufficient funds to enter the agreement approved by the treasury.
In this referendum we are requesting a total of 598k DOT to cover this price difference with a 15% buffer to protect against further price volatility.
In the event of DOT Price increase, any funds in addition to the $8.82m requested for and approved by treasury during Referendum #644 will not be transferred from the Multi-sig and will be returned to the treasury.
Comments (4)
Requested
Proposal Passed
Summary
0%
Aye
0%
Nay
Aye (62)0.0 DOT
Support0.0 DOT
Nay (38)0.0 DOT
Hi. I understand that this is a valid refill request, and I appreciate your efforts in processing it. However, given the significant amount involved, I would like to seek clarification regarding the timeline for the disbursement. Having this clarity will help determine if further refills may be needed in the near future to avoid possible delays or interruptions in this important agreement. Could you please provide an estimated timetable for the disbursement of funds? I think it is important to be clear about this so that the community understands the importance and appropriateness of this refill. Once that is all clear, I will be voting AYE on the proposal. For now I will be abstaining.
@EzioRed
Thanks for the mesage. The timeline for disbursement depends on the payout dates set by Open Gov. I understand that the upcoming payment dates are June 28th, July 22nd, Aug 15th.
If and when the referendum passes the DOT will be transerred to the multi-sig account on the next payout date. Only when the contract is ready for signature and funds are required for payment will the funds leave the multi-sig to be transferred to the rights holder.
Any US$ funds at point of transfer, which are in excess of the original amount requested will be returned to the Treasury.
The request is based on EMA7 at $6.12 and a 15% buffer has been applied to cover further negative price movements and avoid any additional requests for funds.
I hope that this clears up any concerns relating to timeline of disbursement.
If you have any further questions or require any additional information, please don't hesitate to contact me at any time.
Sean
T: +41 79 960 5757
e: soreilly@orsen.ch
Anybody wondering, target wallet is currently controlled by 6/8 treshold multisig
formed by LearnPolkadot, Leemo, Jay Chrawnna, The Weak Hand, giottodf, nico_calcio, ORSEN_SEAN, 13pZ1vTTXd1gDf9iF2Xkyhr96Uw88b6igDpA5v9ADz3Z2GDf
.