Stake DAO Association October 2024 Report
Highlights
- Onlyboost formula update
- 50m veCRV boost delegation
- LaPoste audit
Product (Strategy/Smart contracts/UI/Development)
October retrospective
- Onlyboost formula update
- Aladdin’s vote automation
- LaPoste audit done and fixed implemented
- VMv2 UI WIP
Focus for November
- VMv2 deployment
- sdBAL vestor for Balancer Maxis
- Start the work on Staking v2
Business development
October retrospective
- Locked 17k BAL/ETH LP (11% increase MoM), coming directly from Balancer’s treasury
- Secured 50m veCRV from Mich for 4 years reaching 21% of the overall market, and exceeding our annual target of 15%
- We suffered a drop in our strategies’ TVL, going down to $34m from $40m, including a drop in Onlyboost TVL going down to $17m from $23m.
- Increase in Votemarket bribes deposited to $627k from $556k (+13% MoM)
- Worked on getting Aladdin to vote on VMv2 and bringing future vote incentive campaigns from Votium to VMv2
Focus for November
- Securing Aladdin’s vlCVX votes for VMv2
- Securing wholistic bribes from Alchemix, Inverse and Abracadbra
- Launching VMv2
- Meeting people in Bangkok to prepare for staking v2 and targeting institutionals
- Having balancer Maxis’ vesting going into sdBAL
Financials
Stake DAO treasury : https://debank.com/profile/0xf930ebbd05ef8b25b1797b9b2109ddc9b0d43063
P&L
Revenue-wise, we made a deep focus on getting back protocols to vote incentives on Votemarket, which lead to this increase in Votemarket revenue. This trend is expected to continue in November, and after that with Votemarket v2. The increase in revenue in Liquid lockers strategies is mostly due to the lower amount of harvests that happened in September in the high gas cost environment. Ethereum farming revenues decreased this month by $6k.
Overall revenues covered the recurring costs this months: total costs ($106k) minus audit cost ($12k), events ($3k), and tooling top up ($5k) = $86k.
Association grant use report
With our lower than expected costs, the Treasury committee asked StakeDAO Association to adapt the payment schedule of the grant to avoid stressing the treasury. Below the new payment schedule.
Legal & governance
October retrospective
- 50m veCRV boost deal validated by governance.
- New Onlyboost formula has been voted.
- VAT ruling obtained by the Association, notably confirming the decentralized nature of Stake DAO.
Focus for November
- VMv2 ownership proposal.
- vlCVX vote delegation rewards proposal.
- Finish the signing of the IP letter.
- Finish the recovery of missing Fundation funds.
- Finish the transfer of Twitter and Telegram accounts to the Association.