Hello community,
I am reaching out on behalf of the Questbook Arbitrum grant committee to explore a possibility and get a temp check from delegates.
The current program, while financed and managed in ARB, provides grant and has operational cost denominated in USD. This has created a few ups and downs in our internal accounting, especially for one reason: grants that are approved now might take months to reach the milestone.
This has reflected as well in the whole timeline of the program: it started, in April 2023, with the request of $1M as a budget and ARB being worth around $1.20.
It got then approved the 6th of July 2023, when ARB was worth $1.13, as we can see from the Snapshot voting
The funds that were transferred from the foundation in the end were 800,000 ARB one month later, the 7th of August, worth at the time $908,000
As of now, the current remaining budget after 3 months of the program is of 583,823 ARB, worth, at current price of $1.76, around $1.03M.
At the same time, in the four domains, we committed overall $726,500 in future grants. We will also have a cost, for the next quarter, of around $92,500, between salaries and other expenses (like the KYC provider).
We want to explore the possibility to convert in stable 30% of the current ARB in the 5 safe, or around 175k. This will help us having more stability to ensure that the assigned grants will be indeed respected. We are looking to get the feedback from both the community and the delegates.
On the actual execution, assuming the general feedback regard the idea is positive, we have not yet established how the conversion would happen. The goal is, of course, to minimise any impact in the market. As of now, defillama is showing a slippage between 0.15 to 0.35% for a bulk 175K arb sale; It could make sense to either swap it in trances of around 50-60K each twap it in a certain amount of time.