Metrics DAO Treasury Report
April 2022
Overview
MetricsDAO built on its successful bounty operations in March, by continuing our Uniswap and Olympus programs in April. However, we faced a down month in both the market and grant program growth, causing our balance sheet to shrink for the first time as an organization. As most MDAO pods have begun to stabilize, many core contributors are re-allocating time to the Grants pod, in order to grow our reach and business. That being said, the MetricsDAO treasury team has outlined all inflows and outflows for April below.
The number of individuals actively contributing to MetricsDAO increased in both March and April, resulting in growing monthly contributor payments. In April, the treasury paid out over $16,000 (USDC 16,600) to our pod leaders and pod contributors. As an organization, we are proud to be able to pay our contributors during periods of both balance sheet growth and shrinking; however, we are paying heightened attention to the % of treasury assets paid out to contributors during this tough market environment.
As for out ongoing bounty programs, we were able to draw on existing capital to pay out Olympus program contributors, paying 925 USDC to question reviewers and $6154.14 in OHM to our analysts. Similarly, we paid out over $35,000 in UNI, which was supplemented by an additional grant inflow of $24,511. Overall, we have net outflows for both UNI ($10,870.20) and Olympus ($7079.14).
In total, across our grant programs and monthly contributors, we have total net outflows of $33,949.14. Net outflows, combined with an overall portfolio performance of -14%, resulted in total balance sheet change of -39%. Fortunately, the MetricsDAO portfolio is over 65% stables (USDC), which help us float in a month where many of the top crypto assets saw drawdowns of over 25%.
Treasury & Balance Sheet
Treasury Portfolio Value
As discussed in our March Report, we ended last month with roughly $133,000 in treasury-controlled assets. In April, between token price depreciation and net outflows to the treasury, our treasury shrank 42.20% to $77,123.31 as of 4/30/2022.
| MetricsDAO | |||||
|---|---|---|---|---|---|
| Treasury as of | 4/30/22 | ||||
| Token | Beginning of Month | Price | Value | % of Total | Performance |
| USDC | 50,769.69 | 1.00 | 50,769.69 | 65.83% | 0.00% |
| Uni | 1,014.96 | 6.80 | 6,901.73 | 8.95% | -38.72% |
| OHM | 715.58 | 20.01 | 14,318.73 | 18.57% | -43.31% |
| ONE | 40,136.10 | 0.08 | 3,018.23 | 3.91% | -54.20% |
| ETH | 0.77 | 2,743.77 | 2,114.92 | 2.74% | -14.10% |
| Total | 77,123.31 | 100.00% | -14.01% |
Assets
“Money Owned”
Balance sheet asset values as of 03/31/2022 total $127,123.31:
| Balance Sheet | ||
|---|---|---|
| Assets | ||
| Current Assets | 127,123.31 | |
| Cash and Cash Equivalents | 77,123.31 | |
| USDC | 50,769.69 | |
| UNI | 6,901.73 | |
| OHM | 14,318.73 | |
| ONE | 3,018.23 | |
| ETH | 2,114.92 | |
| Accounts Receivable | 50,000.00 | |
| OHM | 30,000.00 | |
| NEAR | 20,000.00 | |
| Total Assets | 127,123.31 |
Cash and Cash Equivalents
MetricsDAO considers all assets residing in the metricsdao.eth GnosisSafe as liquid cash and cash equivalents; as of 4/30/2022, MDAO’s total liquid assets are valued at $77,123.31 as of 4/30/22.
Accounts Receivable
In addition to the assets residing within the multi-sig, MetricsDAO has numerous Accounts Receivable, totalling $50,000, from existing grants programs. Total token allocations of Accounts Receivable are determined based on token price on delivery date. Our OHM balance reflects our second installment of the grants program.
MetricsDAO has a substantial holding of NEAR currently held by Flipside. One of MetricDAO’s core values is to pay bounties and rewards in a protocol or blockchain’s native token, enhancing user growth and acquisition. Receiving payments in NEAR continues to be an issue the treasury faces with cross-chain grants. Currently, the treasury pod is reviewing the most cost-effective ways to pay MDAO participants cross-chain. Prior to a decision being made on the best path forward, all cross-chain assets will reside within Flipside, which has the scale to support non-ETH L1s and L2s.
Liabilities
“Money Owed”
Balance sheet liability values as of 4/30/2022 total $26,962.75:
| Liabilities | ||
|---|---|---|
| Current Liabilities | 26,962.75 | |
| Accounts Payable | 26,962.75 | |
| OHM | 13,962.75 | |
| Monthly Contributors | 13,000.00 | |
| Total Liabilities | 26,962.75 |
Accounts Payable
MetricsDAO’s main Accounts Payable for May is our ongoing grants programs with OlympusDAO. We expect to close out our Olympus program in May, with the final 50% of our total rewards slated for the month.
Looking Forward
Now that we have finished our initial “housekeeping” efforts for the MetricsDAO treasury, our sights are set on formalizing our processes and operational efficiencies to help the DAO push forward. The two biggest efforts we will take on in Q2 will be research & decision making surrounding active treasury management, and building transparency into our budget and channeled run-ways.
Initial conversations surrounding active management occurred when we received our OlympusDAO grant. Given Olympus’ famous (3,3) moniker, the MDAO treasury team researched and discussed staking our OHM for gOHM and paying our subsequent bounty payments out in gOHM. After an initial review, we will proceed with this staking process; however, for treasury reporting, we will continue to denominate our asset values in OHM rather than gOHM.
While we are taking an “active” approach to the OHM on our DAO’s books, we will not look to diversify our treasury outside of our existing positions, until we have established a stable runway and grants pipeline. The treasury team is currently working on rolling out health metrics for our treasury, in order to promote transparency between MDAO leadership, contributors, and members. We look forward to providing a deeper look into what the future holds for MetricsDAO.
Appendix:
- Full Balance Sheet
| MetricsDAO | ||
|---|---|---|
| Balance Sheet | ||
| Assets | ||
| Current Assets | 127,123.31 | |
| Cash and Cash Equivalents | 77,123.31 | |
| USDC | 50,769.69 | |
| UNI | 6,901.73 | |
| OHM | 14,318.73 | |
| ONE | 3,018.23 | |
| ETH | 2,114.92 | |
| Accounts Receivable | 50,000.00 | |
| OHM | 30,000.00 | |
| NEAR | 20,000.00 | |
| Total Assets | 127,123.31 | |
| Liabilities | ||
| Current Liabilities | 26,962.75 | |
| Accounts Payable | 26,962.75 | |
| OHM | 13,962.75 | |
| Monthly Contributors | 13,000.00 | |
| Total Liabilities | 26,962.75 | |
| Shareholder’s Equity | ||
| Retained Earnings | USDC | 100,160.56 |
| Total Shareholder’s Equity | 100,160.56 | |
| Total Liabilities and Equity | 127,123.31 |