StaFi DAO August 2024 Report & September 2024 Budget Plan
Within this last month of Q3, StaFi DAO is busy with the rLaunchPad Season2 and also the new proposals related work. For now and for the near future, StaFi 2.0 is stil the main focus.
StaFi DAO August 2024 Report
DAO Treasury
The Overview of StaFi DAO Treasury
(As of September 6, 2024, 1FIS=$0.31)
-
Treasury FIS: Currently 55,987,197.860 FIS in total, including 6,155,429 rFIS, which accounts for roughly 38.39% of the total supply.
-
Treasury spend: 2,663,738.90 FIS
-
Treasury revenue: The StaFi Treasury was made public in 2023 and consists of three main components: inflated FIS, vested FIS from genesis, and protocol income generated from services like rETH and rATOM.
- Inflated FIS: 18,725,821 FIS
- Vested FIS:
Five multisig wallet addresses hold a total of 19,773,464 FIS, with 96.7% (19,123,343 FIS) staked.
Two genesis addresses hold total 6,155,429 rFIS, which equal to total 11,833,196.7096 FIS in stake.
Additionally, a portion of the FIS from the genesis allocation was designated for StaFi Hub. Currently, this address holds 5,922,505.151361 FIS. - Protocol Income: 2,114,601 FIS
-
DAO Treasury FIS migration related
- Latest Updates
As of now, All the Treasury FIS, which is 18.74M FIS in total, has been transferred to multisig addresses & staked on the StaFi network. The migration of rFIS will be taken in the coming weeks.
Txhash:
- https://stafi.subscan.io/account/32khQjt9vK6HBcUGgVJsxQXwRXPz5E9E83WKuvfMoK5CnPw9?tab=transfer
- https://stafi.subscan.io/account/33aRRH6B8YyUBBhR2Cppj6s7S8dJfsmMpievnLiMY4JRUsmD?tab=transfer
- https://stafi.subscan.io/account/34wBXY2fzPnfikEXpGbUzqWV3r2B44iJgV5wPaB5YNrxpj3Z?tab=transfer
- https://stafi.subscan.io/account/31FTe87cgmBdp4DueiCrEqVNoc4mpmwERQ2nGPyHduASuAEa?tab=transfer
- https://stafi.subscan.io/account/335ye5dGBCM74P1m6gfNytbUfk5cHVXnqBDvUakqvGANDp1Q?tab=transfer
- https://stafi.subscan.io/account/31VApuoJa5raPEzjQNKRjyrwuRsbN7YjHzrypxnPCwXLUAfo?tab=transfer
Protocol Revenue
| Year/Month | ETH | MATIC | BNB | ATOM | IRIS | HUAHUA | SWTH | FIS | DOT | KSM | rSOL | rSEI |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023/06 | 2.34 | 271.54 | 0.55 | 56.95 | 12,844.78 | 3,222,714.00 | 15,491.22 | 22,650.01 | 31.68 | 0.35 | 1.04 | - |
| 2023/07 | 3.29 | 192.34 | 0.02 | 56.95 | 12,887.17 | 2,369,268.00 | 13,260.89 | 22,862.46 | 16.43 | 0.28 | 0.97 | - |
| 2023/08 | 1.60 | 420.73 | 0.26 | 57.96 | 13,181.47 | 2,309,995.00 | 14,564.12 | 22,792.10 | 27.44 | 0.27 | 1.56 | - |
| 2023/09 | 1.62 | 285.43 | 0.10 | 88.69 | 12,779.43 | 2,278,530.00 | 13,492.01 | 21,877.37 | 28.27 | 0.29 | 1.54 | - |
| 2023/10 | 1.45 | 675.73 | 0.13 | 90.10 | 13,489.05 | 2,409,862.00 | 13,404.43 | 23,319.53 | 28.54 | 0.20 | 2.20 | - |
| 2023/11 | 1.64 | 494.50 | 0.16 | 122.22 | 13,320.90 | 2,021,739.00 | 14,849.73 | 22,760.89 | 28.98 | 0.30 | 1.07 | - |
| 2023/12 | 3.41 | 173.10 | 0.66 | 77.37 | 10,766.25 | 2,548,152.00 | 30,730.92 | 27,631.30 | 14.66 | 0.30 | 0.71 | - |
| 2024/01 | 0.78 | 173.73 | 0.43 | 78.42 | 2,938.68 | 2,527,608.00 | 19,349.30 | 27,608.88 | 14.85 | 0.29 | 0.01 | - |
| 2024/02 | 0.53 | 227.08 | 0.13 | 79.44 | 18,880.44 | 2,394,756.00 | 12,756.58 | 24,740.64 | 30.14 | 0.28 | 0.00 | – |
| 2024/03 | 0.46 | 232.54 | 0.13 | 80.41 | 13,536.26 | 2,664,144.00 | 16,807.32 | 27,424.57 | 15.24 | 0.22 | 0.51 | - |
| 2024/04 | 0.40 | 163.95 | 0.05 | 49.03 | 12,414.27 | 2,420,249.00 | 15,420.77 | 24,173.15 | 0.00 | 0.00 | 2.56 | - |
| 2024/05 | 0.38 | 140.94 | 0.03 | 49.56 | 13,192.82 | 1,496,040.00 | 15,860.30 | 26,152.31 | 0.00 | 0.00 | 0.33 | - |
| 2024/06 | 0.39 | 1.18 | 0.02 | 50.17 | 13,080.90 | 1,055,507.00 | 25,647.30 | 25,502.78 | - | - | 1.47 | - |
| 2024/07 | 0.36 | 223.55 | 0.02 | 50.81 | 14,190.19 | 1,148,423.00 | 14,577.99 | 28,546.44 | - | - | 0.88 | 63.18 |
| 2024/08 | 0.43 | 47.51 | 0.02 | 120.37 | 14,309.82 | 1,125,586.00 | 20,925.43 | 20,033.13 | - | - | 0.83 | 54.87 |
StaFi charges a commission ranging from 5% to 10% from different LSD, and an additional redemption fee may apply. These fees will be sent to the treasury pool as protocol revenue.
The following table shows the revenue of StaFi Protocol since June 2023 for each month. You can get more detailed data on StaFi’s data analysis page.
LSaaS Adoption Expenditure
During August, in addition to the $100,000 of development costs, there was a total of 29.28 LINK and 38.71 SSV worth of FIS spent as services fee, and also 146,325 FIS spent as the other main non-development expenditure(from DeFi incentives, marketing, market making, events, hackthons, etc.) for the LSaaS adoption. The non-development expenditures will be listed below, in a monthly way.
Besides, due to the varying timelines for incentive settings, there are incentives on some platforms that continue across months.
As part of the restructuring of StaFi’s overall plan, StaFi DAO will gradually reduce the incentives on DeFi Liquidity and instead focus more on expanding the awareness and use of LSaaS. As a result, it can be seen that the DeFi Liquidity Incentives have been reduced than before; and the supports to maketing, events, etc. are increasing.
1. DAO Treasury Transfers
| Year/Month | From DAO Treasury Multisig Address | To | Amount | Extrinsic ID |
|---|---|---|---|---|
| 2024/08 | 31VApuoJa5raPEzjQNKRjyrwuRsbN7YjHzrypxnPCwXLUAfo | 31JRK5pKnQzN8Q9u9go7Zm7fGU89sWoE8e1Yrp7wgnxsYdGm | 100,000 FIS | https://stafi.subscan.io/extrinsic/20712554-2 |
| 2024/08 | 31VApuoJa5raPEzjQNKRjyrwuRsbN7YjHzrypxnPCwXLUAfo | 31JRK5pKnQzN8Q9u9go7Zm7fGU89sWoE8e1Yrp7wgnxsYdGm | 277,777 FIS | https://stafi.subscan.io/extrinsic/20816118-2 |
A certain amount of treasury FIS will be transferred to hot-wallets in order to support the multi expenditures of StaFi DAO. After paying the appropriate fee, if there is any left over, it will be saved for the next use; if there is a shortage of funds, they will be replenished by transferring funds from the DAO treasury addresses.
The DAO Treasury FIS multisig wallets (will also be found at https://docs.stafi.io/treasury/):
2. Services Fee
| Year/Month | Protocol | Service | Token | Amount |
|---|---|---|---|---|
| 2024/08 | Chainlink CCIP | CCIP Automation | LINK | 24.86 LINK |
| 2024/08 | Chainlink CCIP | CCIP Sender | LINK | 4.42 LINK |
| 2024/08 | SSV Network | DVT registerValidator | SSV | 38.71 SSV |
The actual fees incurred for the use of Chainlink CCIP and SSV DVT in August 2024 will be reported above.
As we all know that StaFi has integrated Chainlink CCIP and SSV DVT for higher security and decentralization. Beginning in November 2023, some costs are incurred for the use of these two services. As the costs incurred for these services are consumptive and StaFi DAO will replenish them as they become depleted, the costs associated with StaFi DAO’s expenditures are prepaid. For example, the fees for services used in January were a direct deduction of the fees previously remaining in the account.
For Real-time consumption:
3. Community Incentives
| Year/Month | Fee type | Category | Member | Amount |
|---|---|---|---|---|
| 2024/08 | Community Incentive | Moderator | 1 | 937.08 FIS |
(Due to issues with the contribution submission system, some members’ incentives for this month will be distributed next month.)
The community Incentive Expenditures for August were 937.08 FIS in total.
We’ve modified the requirements for Warriors and Rangers and the way they contribute to StaFi. This change was explored in some depth in our October 2023 DAO report. Talents are wanted to build StaFi 2.0 together and create a win-win future!
Note: StaFi Warriors is now open for passionate individuals, if you’re good at Community Management, BD Moderation or you’re with skills in drawing or using AIGC to create high-quality images, huge community incentives await you. Contact with us now!
4.The other main non-development expenditure
| Year/Month | Fee type | Chain | Token/Pairs | Platform type | Amount |
|---|---|---|---|---|---|
| 2024/08 | rPool-StaFi rETH stake farm | Ethereum | rETH | Yeild | 50,000.00 FIS |
| 2024/08 | Smartcoin Event | - | - | Web2 | 87,500.00 FIS |
| 2024/08 | Maket Making | - | FIS/USDT | CEX | 8,825.00 FIS |
DAO Progress
There’s no much progress on DAO framework construction recently, as the key target of StaFi during these months is to build up a widerly known brand “StaFi 2.0 — LSaaS“.
- A voting for FIS burning proposal is ongoing: Proposing to burn 100% of the FIS that continuously flow into the treasury address.This action is intended to reduce FIS inflation from 10% to around 6%, transitioning the token towards a deflationary model.
Get more details of what StaFi DAO has done in August at https://stafi-protocol.medium.com/stafi-protocol-monthly-august-community-update-e6687dbfa0eb.
September 2024 Budget Plan
Recognized as the cornerstone of StaFi’s narrative, LSaaS holds paramount importance. To bolster its adoption, StaFi DAO is gradually reallocating resources towards LSaaS.
LSaaS Adoption Budget
Overview
StaFi DAO would like to provide as much support as possible at this time to accelerate mass adoption of LSaaS. More adoption programs are being developed in order to reach the target.
There will be a budget of $100,000 per month, to support the LSaaS adoption. It should be be further clarified that, this budget will first cover LSaaS-related development costs; the remaining founds(if any) will be used to support marketing, events, and other parts. It’s a fixed expenditure monthly and will not be shown in the table below.
Plans for expenditures other than development costs (including DeFi incentives, market making, events, hackthons, etc.) will be listed in the table if they are firm. The following are among the more certain budget plans.
Budget Plans List
| Year/Month | Fee type | Platform | Token/Pairs | Platform type | Amount |
|---|---|---|---|---|---|
| 2024/09-2024/12 | LSaaS Ecosystem Grant | LSaaS | FIS | - | 2,000,000 FIS |
| 2024/09 | StaFi Community Incentive | (Depend on the contribution type) | FIS | - | (Depend on the related contribution) |
(This is an estimated value and the actual value may slightly vary depending on market fluctuations.)
You may interested in:
LSaaS Ecosystem Grant
To foster the growth and adoption of LSaaS ecosystem, a total of 2,000,000 FIS is proposed to be granted in 2 rounds to eligible projects, if they win the support from StaFi community.
Community Incentive
The community incentive is aimed to encourage community members as much as possible to contribute to StaFi’s rapid and sustainable growth.