Stake DAO Q1 Report — 2022

Agenda

  • TL;DR (Introduction + Q2 2022 Roadmap)
  • Total Value Locked (TVL)
  • Protocols
  • Strategy
  • Option strategies
  • Liquid Lockers
  • P&L
  • Sanctuary/ Palace
  • Treasury
  • Market analysis
  • Liquidity overview
  • Platform traffic analysis
  • Stake DAO APYs

Data Source

TL;DR Q1 + Q2 Roadmap

  • TVL as of 31 March 2022 across the Platform exceeded $633M, marking a 20% decrease in comparison to 2021 Q4; correlating with the decline in the market this quarter
  • Cumulative Protocol Earnings nearly $12.7M since inception in January ‘21
  • SDT currently has a Market Cap/ TVL of (0.05) and P/E (3.1x) ratio
  • Launched Stake DAO Liquid Lockers beta version & veSDT. New features and integrations will be built for the Liquid Lockers platform in the coming weeks
  • The DAO has significantly expanded the size of the contributor team in Q1, and started to create reserves in the quarterly budget to take potential new hires into account.

Tentative Q2 Roadmap

  • The main focus next Quarter on the development side will be to progressively build out the final version of Liquid Lockers for the liquid staking of Governance tokens (CRV, FXS, ANGLE). Here is a comprehensive breakdown of all the features we have in the pipeline:

Q2 objectives

  • Increase the number of projects benefiting from Liquid Lockers
  • Provide clearer analytical insight into Stake DAO operations and on-chain activity through a combination of Dune Analytics Dashboard and in-house Analytics
  • Deploy the Treasury-Management-as-a-service Vertical, offering DAOs a way to optimize treasury asset yield across chains
  • Provide clarity around the Staking-as-a-service vertical and start employing validators’ rewards for treasury management activity.
  • Increase the protocol’s own liquidity and bring additional revenues to the DAO by matching SDT inflation with ETH in Treasury
  • Deployment on Celo
  • Increase on-chain governance

Total Value Locked

Passive Strategies

  • The total TVL in Passive Strategies on Ethereum has held steady in the $200–250M range over the last 3 months.
  • The multi-chain agnostic vision has made in-roads in the last quarter, with the Passive USD Strategy on Avalanche and Harmony accounting for more than $100M and $70M respectively.

Options Strategies

Protocol Staking

  • Avalanche validators experienced a decrease in delegations, leading to a steep decrease in AuM from Staking-as-a-Service.
  • Negative market conditions led to a decrease in total AuM in $ terms.
  • Launch of a retail-oriented UX on the Stake DAO platform, which will foster more delegation across the entire validators stack.
  • Increase in the number of blockchains supported.

Options vertical

ETH Covered Call

Stake DAO, August 23-present

BTC Covered Call

Stake DAO, October 2-present

ETH Put Selling (USD collateral)

Stake DAO, October 23-present

Liquid Lockers

P&L

  • Gas Costs: They are accounted for under the Strategies Vertical. These decreased in the last quarter due a reduction in Ethereum network Gas costs.
  • Dev-ops costs and taxes: They are recorded under the Protocols vertical and take into consideration all the costs linked to running and maintaining validators and servers. This cost item has been increasing due to the introduction of a new chain’s validator.
  • Core Team Rewards: contributor rewards have been increasing in the last quarter due to an increase in the Stake DAO contributor headcount.

Sanctuary/ Palace

Treasury

  • Multisig: 0xF930EBBd05eF8b25B1797b9b2109DDC9B0d43063
  • Treasury: 0x9D75C85f864Ab9149E23F27C35addaE09B9B909C
  • Deployer: 0xb36a0671B3D49587236d7833B01E79798175875f
  • Tokens in wallet: $2,395,740
  • Deposits: $2,849,843
  • Debt: $0
  • Other Assets (LPs and sd tokens): $3,139,386
  • Locked Assets (locked CRV): $9,363,341

Market trading analysis

APY

Platform Traffic/ Social Media Overview

Governance

  • SDIRs: Stake DAO integration request: New liquid lockers requests, partnerships and DAO whitelists to lock SDT.
  • SDGPs: Stake DAO governance proposals: DAO expenses and budgets, contributors rewards, grants and liquidity mining updates.
  • SDIPs: Stake DAO implementation protocol: Modifications of smart contracts, Multisigs and governance framework updates.

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