The foundation dollar cost averaged the ARB over a 7 week period to minimize any price shocks to the market. I am not sure when the first liquidation was though, I believe it was in either May or June.
completely aligned here, it is ironic that despite predicting fairly accurately what costs would be incurred in a program manager through the sample quotation, we still landed up in this fracas.
There is some discussion kickstarted by @Avantgarde to remedy this state of affairs by having short term cash reserves in USDC. The yield from the current STEP proposal is also in the same alley, providing between $1 and $1.5 million per year in USDC to our treasury.
The nub of the matter according to those i spoke with at the foundation (who requested this proposal and vote) was that program managers should not have provided quotations higher than the sanctioned amount on tally in the first place.
Although thats not possible to do unless they also provided a quotation in ARB 