The AF has converted the 251,930 ARB received from the MSS on January 24th, into $86,600 USDC (at an average price of $0.34 per ARB). This amount is enough for Phase 1 of this proposal and has been sent back to the MSS.
We were unable to convert the ARB received into the full $187,980 USDC required for this proposal, because upon receiving the funds from the MSS, market conditions meant that the requirement could not be met. At that time, there was a hope that the market might soon recover to achieve the desired conversion. Unfortunately, this has not yet happened and the Hackathon Continuation Program requires the funds for Phase 1 ASAP.
We hope that the remaining portion of funds for Phase 2 of this proposal can be sourced from the TMC’s ‘checking account’. We are aware that @danielo, @entropy and @krst are working on how this can be made possible. However, it is worth noting that the TMC still needs to define how to withdraw stablecoins from that allocation once converted, which might take some time.