Tribe DAO - Quarterly Reports & Presentations

1

Hello Tribe DAO :wave:

Llama is proud to present the Tribe community with its very first quarterly update. Llama has created two Dune Dashboards, the first Income Statement, Quarterly presentation and financial report.

These deliverables, funded through the grants program, provide a deep insight into the performance of the Rari Fuse Pools, the FEI stablecoin, the Protocol Controlled Value (PCV) and the Tribe DAO Treasury. Data from the dashboards has already been used by Messari and is a great way to monitor the progress of FEI and the PCV over time.

In order to publish the Income statement, Llama has developed a back end accounting package that tracks the PCV, FEI and TRIBE transactions that has enabled us to map and categorise every transaction to create Tribe DAO’s very first Income Statement.

Llama would like to thank you for the opportunity to work with the Tribe community and looks forward to continuing to work together. A special thank you goes out to @storm and @sebastian.

Dune Dashboards

FEI Stablecoin Key Metrics

FEI Lending Markets

Quarterly Presentation

Q1 2022 Tribe DAO Quarterly Presentation

Quarterly Report

Q1 2022 Tribe DAO Quarter Report

About Llama

Llama provides economic infrastructure and financial management for DAOs. By partnering with Llama, Tribe DAO gains access to some of the best financial minds in DeFi. The Llama community has a vast reach across DeFi with most active members actively involved in many DAOs.

Llama is working with a number of leading DAOs such as Aave, Uniswap, dYdX, Gitcoin, PoolTogether, FWB and others. The Llama seal of approval is the DeFi accounting standard for financial reporting. It adds instant credibility and is endorsed by Aave, the ecosystem’s largest lending protocol. By partnering with Llama, Tribe DAO gains access to Llama’s vast network and gains a long term partner that will work as part of the Tribe community to grow the protocol.

Please refer to our website and Twitter for all those looking to find out more about Llama. The Llama contributors that have contributed to this work are @Elliottwatts, @Matthew_Graham, @scottincrypto, ethpanda and @PrairieFI .

2 Likes
2

According to the report, Income for Tribe DAO from Jan-Mar 2022 was $8,789,323 and the Expense was $49,378,529, this expense includes liquidity mining reward of ($36,773,079). Total loss for the DAO = 49,378,529 - 8,789,323 = $40,589,206. If we exclude liquidity mining rewards from the calculation, then also Total loss for the DAO is = (49,378,529 - 36,773,079) - 8,789,323 = $3,856,127. This does not include the recent hack of $80M. Everyone, we definitely need to cut down on expenses or increase the DAO’s income. At least bare minimum we have to be at Total Loss/Profit = $0 first and then move to positive ROI.

3

Amazing report, thanks a lot for your work :slight_smile:

This does include the previous Fuse hack (REPT-B repayment, 12M$), so if we exclude the hacks, the DAO would have done a profit of 8.2M$.

Also, there have been 9.12M FEI spent on TRIBE buybacks during that period. Not sure how that should figure into the income statement @llama, but IMO that should be accounted as an expense.

1 Like
4

Yes agreed and for security I think we should ask few of the security firms for a quote on continuous security audit throughout as changes are made to the code budgets should be allocated for this.

5

Thanks for sharing. It would be particularly useful if we could have a straight to the point dune dashboard to follow in real time this income statement that you prepared.

image
image523×535 56.3 KB

I am curious about how were calculate these Fei Fees. I didnt find the definition in the doc. I am imagining that is the Fei redemption fees. As January was a very peculiar month with a high liquidation of Fei, this revenue was an outlier.

It would be great to have a presentation call by the team to explain the report and open for questions & comments.

2 Likes
6

I agree with Bruno here, Dune dashboard with income and expenses streaming real time would be great.

1 Like
7

Hi Bruno, I’m Scott and I did the work behind that number and a few others in the report.

The source data is this Dune Query:

The chart can be seen in the Dune Dashboard under the Protocol Stability Modules section:

You are correct, the Fei Fees are calculated from the redemption and mint fees charged by the Protocol Stability Modules. The Dune query first looks at the on-chain events where the Mint or Redeem fee is updated (RedeemFeeUpdate or MintFeeUpdate) and stores that. You can see that in the Dune query table as mint_fee and redeem_fee, in basis points. The query then calculates the amount of Fei in the mint/redeem transactions for the PSMs, aggregated by day, and multiplies the this by the fee percentage.

Yes, January is an outlier and this was mostly due to the high activity on the FEI-ETH PSM. The higher fees on this module (75bp relative to 10bp on FEI-DAI) helped drive these number higher as well.

Hope this helps.

2 Likes
8

Yes, I agree that would be great but there are some technical limitations on doing this in Dune. Dune only records events which are explicitly written to the chain by the smart contracts. Often these events don’t contain all the information required to build the full picture. This is certainly the case with much of the Fei PCV and the Rari Fuse pools. The alternative is to directly query the smart contracts - they have the full picture of internal accounting and are the proper source of the truth. Dune and most other blockchain data providers don’t support querying contracts directly.

At Llama we wrote custom software to query the contracts to provide data for this report. We know the concept works and it can fill a lot of data gaps in the crypto space. We look forward to building out a dashboard solution which uses this approach in the future. Any support we get from the Tribe Dao community in doing this will be welcome.

3 Likes