Treasury Report: February 2022

Metrics DAO Treasury Report

February 2022

Overview

The primary seed funding for the MetricsDAO multi-sig occurred on 1/20/21 with transfer of 100,004 USDC from Flipside Crypto. In addition to this seed funding, metricsdao.eth also received a grant of $12,000 from Harmony, provided to us through Flipside’s ongoing relationship with Harmony. Due to MetricsDAO current lack of support for alt-L1s, we needed to swap our ONE to ETH. Slippage during this process cut into our ETH received, resulting in a net of 1.45E flowing into our treasury.

Given that February was a programming and organization month for MDAO, there were few outflows from metricsdao.eth. However, ETH transferred into the wallet in early January was transitioned out to our “Payment Hot Wallet” to be converted to OHM and CVX and paid out to contributors for our first two self-funded bounty programs.

On top of MDAO’s organization improvements, February proved to be a major month in other ways, as we received our first official third-party grant! On 2/28/22, our treasury received inflows of 2,374.169UNI (~$25,000 on day of transfer) from ugpca.eth (UNI Grants Program). We are extremely excited to be working with UNI moving forward!

Overall, the MetricsDAO treasury received net inflows, for the creation of the treasury and formalization of the MDAO grants pipeline. Moving forward, we expect to have more substantial inflows and outflows as we scale our community.

Treasury & Balance Sheet

Treasury Portfolio Value

Portfolio value as of 02/28/2022 totals $126,896.53:

Token Units Price Value (USD) % of Total
USDC 100,004.69 1.00 100,004.69 78.81%
UNI 2,374.17 10.38 246,43.87 19.42%
ETH 0.77 2,916.38 2,247.97 1.77%
Total 126,896.53 100.00%

Assets: “Money Owned”

Balance sheet asset values as of 02/28/2022 total $205,396.53:

Balance Sheet
Assets
Current Assets 193,396.53
Cash and Cash Equivalents 126,896.53
USDC 100,004.69
UNI 24,643.87
ETH 2,247.97
Accounts Receivable 66,500.00
NEAR 20,000.00
ONE 20,000.00
OHM 26,500.00
Total Assets 193,396.53

Cash and Cash Equivalents

MetricsDAO considers all assets residing in the metricsdao.eth GnosisSafe as liquid cash and cash equivalents; as of 2/28/2022, MDAO’s total liquid assets are valued at $126,896.53, as of 2/28/22.

Accounts Receivable

In addition to the assets residing within the multi-sig, MetricsDAO has numerous Accounts Receivable, totalling $78,500, from existing grants programs. Total token allocations of Accounts Receivable are determined based on token price on delivery date. Our ONE and OHM AR balances are related to our ongoing grants partnerships with Harmony and OlympusDAO, respectively. The MDAO Treasury Pod expects these payments to be delivered in March, as project work draws to a close for each protocol. While our OHM payment will be delivered directly to metricsdao.eth, receiving payments in ONE highlights an issue the treasury faces of cross-chain grants.

Similar to ONE, 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. 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 2/28/2022 total $30,030.00:

Liabilities
Current Liabilities 30,030.00
Accounts Payable 30,030.00
H3L 8,280.00
UNI 1,750.00
Monthly Contributors 13,000.00
Grants (USDC) 7,000.00
Total Liabilities 30,030.00

Accounts Payable

Looking forward, now that MetricsDAO has staffed and integrated tooling (Parcel) for our Treasury Pod, we plan on making numerous disbursements in the month of March. We have included all known disbursements for March 2022, totalling $30,030 in Accounts Payable. These include payments for multiple grant programs (UNI, CVX, ONE), as well as payments for pod leadership and core contributors.

Our last account payable for the month is payment to H3L, the branding agency which helped design the MetricsDAO website.

Developments within the month

Pod Leadership and Core Contributors

February was a month of building and organization for MetricsDAO, heavily reflected in the growth of our Treasury. MetricsDAO’s core leadership worked to establish proper pod-level management across all critical business segments, such as marketing & communications (MARCOM), grants, refinery, and treasury. Pod leaders have come together, asynchronously building out core components of MDAO’s infrastructure. In order to properly reward members for their invaluable help lifting MetricsDAO off the ground, each pod leader, as well as key pod-level contributors, will receive some level of compensation in March.

Compensation will be based on overall level of participation through the month of February. While we are excited to be able to reward these early contributors to our mission, we do hope that monetary gain is not the sole incentive for continued participation.

Appendix: Full Balance Sheet

MetricsDAO
Balance Sheet
Assets
Current Assets 193,396.53
Cash and Cash Equivalents 126,896.53
USDC 100,004.69
UNI 24,643.87
ETH 2,247.97
Accounts Receivable 66,500.00
NEAR 20,000.00
ONE 20,000.00
OHM 26,500.00
Total Assets 193,396.53
Liabilities
Current Liabilities 30,030.00
Accounts Payable 30,030.00
H3L 8,280.00
UNI 1,750.00
Monthly Contributors 13,000.00
Grants 7,000.00
Total Liabilities 30,030.00
Shareholder’s Equity
Retained Earnings USDC 163,366.53
Total Shareholder’s Equity 163,366.53
Total Liabilities and Equity 193,396.53

Full Treasury Report: Metrics DAO Treasury Report - Google Docs

Dune Dashboard: Dune Analytics

Summary

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Thank you @ql-crypto.eth , this is an awesome first writeup!!!

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This is tremendously exciting to see. Love the transparency. Good show, QL!

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