Polkadot Anti-Scam Team refill due to price volatility
Hello dear community,
Original top-up proposal referendum: https://polkadot.polkassembly.io/referenda/574
Top-up Proposal document: https://docs.google.com/document/d/1c2gOWkyWkawAh7S-ov4T9QZYY0LsFuc8oylF2KaGaII
As you can see from the top-up proposal, our original request was made for $868,578 at an EMA7 of $10.282/DOT on 11/03/2024 (Yeah, we hit the top of the market :)). That equals 84,476 DOT
The funds came into our account on 18/04/2024 as you can see here https://polkadot.subscan.io/account/13UVJyLnbVp9RBZYFwHYxa6GPKJ2SqkGg4Mo7jG7uLAbPkT8?tab=balance_history, where the price was at $6.671/DOT. So if you translate that into dollars, we received $563,540, which is a difference of $305,038.
We believe that this kind of requests should be made in USDT and only once, taking the difference in price between the proposal and the day the funds came into our account.
Thank you, everyone, for your understanding.
Kind Regards,
Polkadot Anti-Scam Team
Comments (4)
Requested
Proposal Failed
Summary
0%
Aye
0%
Nay
Aye (26)0.0 DOT
Support0.0 DOT
Nay (42)0.0 DOT
Price volatility should be priced into proposals, what happens when price goes up 2-3x you refund? It makes no sense these refill proposals at all.
Aye, more than 30 % of variation of price