[Non-consitutional]: Top-up for Hackathon Continuation Program
AI summary
This proposal asks the Arbitrum DAO to approve an $89,980 USD top-up for the Hackathon Continuation Program (HCP), managed by RnDAO. The program experienced a shortfall because the value of Arbitrum's native token (ARB) dropped before funds could be converted to stablecoins, leaving insufficient funds for the second phase of the program. The top-up would come from leftover funds (over $200,000) from the Season 1 Domain Allocator, which were originally designated for the Questbook grant program.
If passed, the Hackathon Continuation Program will receive the necessary $89,980 USD to continue supporting projects, benefiting the participating projects and RnDAO. The remaining funds from the Domain Allocator (approximately $110,000 USD) would be transferred to the Treasury Management Committee to bolster their stablecoin reserves, potentially benefiting future service providers by creating a mechanism to cover shortfalls. Failure to pass would leave the HCP underfunded, potentially halting its second phase.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Abstract
Arbitrum lacks an efficient mechanism to swap funds for projects, which has led to multiple challenges for service providers around token price changes. Specifically, the Hackathon Continuation Program is currently underfunded by $89,980 USD due to token price drop before RnDAO received any funds.
Beyond usual market risks, the program faced prolonged market risks due to delays as we worked with the Arbitrum Foundation on an improved fund management system for DAO-led investments, creating a valuable process template for the Arbitrum ecosystem, but exposing us to this situation.
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