Okay Sir.
I have verified KYC before.
Thanks for heads up!
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Nice, i will be available once am through with my trip to lagos
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@Dacha @marketingdao-council
With the recent fall in the price of NEAR, is there a possible way of requesting additional funding to cap the percentage requested?
…though plans had started
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Good evening, Yes, sure.
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Hello @marketingdao-council .
With the price of NEAR dropping, this has affected the actual requested amount.
Aside Onboarding funds for wallet, asked amount was $2441.
With NEAR at $13.81 presently, amount is reduced to $2029, meaning we are short of $412=29NEAR.
I would move to request top up funds to aid our work.
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Can you please clarify;
My understanding is that the NEAR Foundation pays out the NEAR equivalent to the proposed amount in USD at the exchange of the day. It is also now possible to request funds and be paid out in USD Stablecoins.
- When did you receive payment from the NEAR Foundation? (NEAR amount, exchange rate of the day)
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Hi @satojandro !
Thanks for the questions to clarify.
I was paid in NEAR and funds was received btw 11-16th of April. Amount was about 147 NEAR (This doesn’t include the 45 NEAR for opening of wallets) and rate was $16.6 per NEAR
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Hi @IgbozeIsrael – Can you edit your poll on Astro to request funds in a stablecoin so any future fluctuations in NEAR don’t affect your funding needs?
The MarketingDAO team is working on a clear policy around this that we will be sharing with the community soon, but while we are working on that, my opinion is that in general, it’s problematic for us to approve top up funding because price fluctuations are very common. The price could go significantly up or down from day to day.
The only way to avoid that is to request funding in stablecoins, which is what I would recommend in the future.
I also think we need a consensus from the MarketingDAO on this – looks like Dacha supports your request. I would like to hear thoughts from the other members of the @marketingdao-council – thanks!
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This puts us on a tough spot;
- The NEAR Foundation is already deliberately taking the requested USD amount and paying out the equivalent in NEAR (minimise losses between time of proposal going up and payout).
- It is up to each team to use the funds in the way in which it was intended after they receive them
- While we do not take any issue if the team chooses to keep funds in NEAR and enjoy capital gains if price goes up, we can also not be expected to be liable to top up those funds in case the team decides to hold the NEAR and price goes down
- This would be opening up to maximum liability whereby teams capture all the upside and we pay for the downside. This creates a range of behaviours - investment like - that we are not designed to cover.
- I may be willing to make a small exception in this case, if the expenses have already been committed, but do warn against a flood of similar proposals.
- Reiterate that the foundation offers the option to be paid in USD stables, please consider this alternative for future proposals.
I’ll wait for the rest of @marketingdao-council to weigh in
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Many things we needed to do had to be in NEAR. This is the reason for not using all the funds yet.
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I supported this idea when it was raised on the forum too.
I look forward to when this will be implemented
hello! Done, you can check
The Foundation started offering stablecoins as an option on 4/5/22.
I will support this so you can complete your project for this event since it’s this week.
For future proposals, it is very likely the MarketingDAO will not fund top off requests because of the reasons @satojandro outlined.
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Thanks for understanding with the situation.
I would prefer onward payments be made in stable coins too.
@cryptocredit ser, Votes on AstroDAO is still pending. The event is going on already and we have just four days remaining. If anything can be done. Thanks
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