Highlights
- First audit successfully passed for new staking infrastructure
- CAKE and ANGLE locker shutdown
- New Spectra locker deployed
Product (Strategy/Smart contracts/UI/Development)
April retrospective
- Staking v2 passed the first audit, fixes done and reviewed
- Staking v2 has been sent to a second audit
- Spectra locker shipped
- sdANGLE redemption
- sdCAKE redemption
Focus for May
- Shipping Staking v2
- Yieldnest locker deployed
- Deciding on a curation infrastructure provider
- Create a pre-launcher lockers factory
- vlCVX votes on veFXN VMv2
- Deploy a manager hook to allow unused incentives to be sent back to the manager
- Adjust sdPENDLE rewards from WETH to USDT (to adapt to the recent Pendle reward distribution update)
- Zerolend and Spectra strategies push
Business development
April retrospective
Despite the challenging market environment, April was a very successful month in terms of business development.
- 16% of vlCVX voted for Votemarket bribes
- Negotiations with PancakeSwap allowed to find an amicable outcome for the closure of the CAKE locker
- Reached 10% of veZERO supply in the first couple of weeks after the Zerolend locker launch
- The sdBAL locker also grew by >20%, exceeding 300k veBAL and 5% of the total veBAL supply
- asdPENDLE was launched by Aladdin but still lacks traction
- Challenging markets were not enough to offset the growth in OnlyBoost strategies on Curve, and in overall Stake DAO strategies:
- Total TVL in strategies: $77.2m (+$20m / +19% MoM)
- Onlyboost TVL: $58.3m (+$21m / +57% MoM)
- Number of strategies above $1m: 20 (+6 / +43% MoM)
- Number of strategies above $0.1m: 88 (-13 / -13% MoM)
Focus for May
- Staking v2 migration and marketing
- Push the reUSD/sDOLA, RSUP/WETH and reUSD/sfrxUSD strategies
- Yieldnest locker launch
- Seal a deal with TAC and Turtle
- Zerolend and Spectra strategies push
Product investment performance tracking
Both OnlyBoost and Votemarket v2 have now reached breakeven and are profitable, and Staking v2 is still a work in progress.
Financials
Stake DAO treasury : https://debank.com/profile/0xf930ebbd05ef8b25b1797b9b2109ddc9b0d43063
Despite market turmoil, the relative resilience of CRV and solid revenue generation allowed the treasury to keep a flat performance over the month.
P&L
The DAO generated strong revenues this month, with a 42% growth on Strategies revenues, some exceptional revenues coming from the sdCAKE redemption, and a large Liquid Lockers’ revenue from the big distribution that was done to veANGLE holders and benefited the Angle liquid locker ($72k). The non-exceptional recurring revenue sat at $164k which represents an 18% growth compared to March.
Association grant use report
The two audits for Staking v2 resulted in an exceptional cost of more than $100k. Despite that, the overall net profit of the activity over the period was approximately $50k.
Legal & governance
April retrospective
- sdCAKE redemption
- Redemption proposal for old rescued 3CRV and GNO was passed
Focus for May
- sdBAL liquidity scaling proposal
- Accepting ownership and migration of strategies towards Staking v2
- vlSDT migration proposal
- Hypernative integration proposal
- Transfer of socials’ accounts and missing legacy Foundation funds to Stake DAO Association