StaFi DAO May 2024 Report & June 2024 Budget Plan

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StaFi DAO May 2024 Report & June 2024 Budget Plan

May 2024 is a busy month for StaFi DAO. The successful launches of EigenLayer LRT Stack and the new rSEI on SEI v2 mark stronge steps for the adoption of StaFi LSaaS. Meanwhile, to better spread the words, a voting held for the best rSEI incentive campaign.

StaFi DAO May 2024 Report

DAO Treasury

https://docs.google.com/spreadsheets/d/1ZH9F78INKS06O5h7aRWU-2pF0EKAZvhtHgVJPH3C5ZY/edit?usp=sharing

Protocol Revenue

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. (There’re some anomalies in the data of rSOL for the last three months, but the issue is being fixed. You will get the correct ones very soon.)

ETH MATIC BNB ATOM IRIS HUAHUA SWTH FIS DOT KSM rSOL
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

LSaaS Adoption Expenditure

During May, there was a total of 71,329.23 FIS spended in liquidity incentives to one trading pair(rETH/ETH) and one token(rETH) on various platforms such as Curve and Timeswap. 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 for this month have been reduced more significantly than before.

DeFi Protocol/Fee type Chain Token/Pairs Platform type Spending
2024/05 Chainlink CCIP Chainlink rETH Oracle 8,200.00 FIS
2024/05 Timeswap ETH rETH Lending 15,000.00 FIS
2024/05 Curve Ethereum rETH/ETH DEX 9,226.00 FIS
2024/05 MarketAcross Services - - - 38,903.23 FIS

Integration services Fee

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.

The actual fees incurred for the use of Chainlink CCIP and SSV DVT in May 2024 will be reported here.

Year/Month Protocol Service Token Amount
2024/05 Chainlink CCIP CCIP Automation LINK 65.33
2024/05 Chainlink CCIP CCIP Sender LINK 4.5486
2024/05 SSV Network DVT SSV 17.1562

For Real-time consumption

  • Chainlink CCIP Automation service:

https://automation.chain.link/mainnet/48611434944785123915984383399809358489529552103610960843619228458378054568647

  • Chainlink CCIP Sender service:

https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0xc9e03910dddf689d3e309b42dbf4c581ed1e795d

  • SSV DVT service:

https://etherscan.io/address/0x25e3d9fbe9b4afbf4220ef750b80841089d9f94d#tokentxns

Community Incentives

The community Incentive Expenditures for May were 3,578.97 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!

Category Member Reward-FIS
2024.05 Moderator 5 3,434.67
2024.05 Bot Service fee - 144.3

DAO Treasury FIS Staking

As the DAO Treasury FIS staking proposal got passed by community voting, the FIS in treasury now is staking in phases and will be finalized in the coming weeks, progress can be seen here. This allows the consensus to run more securely, as well as stakeholders and validators to review changes over time, such as rewards, decentralization, etc.

According to the proposal, to enhance the security of DAO treasury assets, multisig wallets are taken into consideration. The DAO treasury FIS migration plan is going to meet the community soon. Before the migration, some testing will be implemented to verify the security and functionality of the to-be-used multisig wallets. The whole migration will take about 3 months following these steps.

Address FIS Amount Staked FIS Amount Available FIS Amount rFIS Amount Type
36JkR8Gzx2tAUaVzHeRQhbsfL5J14j1hrCrYo1F851FLcM4V 10.127 0 10.127 3,737,606 Genesis(StaFi Chain)
31XQjajM9x14JvUoXE6tMqkRzf2NfGxqmk45szTwHsF7vkq7 9.912 0 9.912 2,417,823 Genesis(StaFi Chain)
33UFoCxwXDJwWKKDBx6xp68X7rtBLXun5TvSxtoKmB6KwZnP 49.981074999999 0 49.981074999999 0 Genesis(StaFi Chain)
3327TuapxKGaDVaj6rSyywBQWmbZkiCNHRjfs8hCUzK3eeux 3,264,655.855246900499 3,000,000 264,655.855246900499 0 Genesis(StaFi Chain)
34e1uL9Y8pJnb2F13x1K3ppHJ4UF9txUYbM2CgqcdSewfsa2 3,999,999.971289999999 unbonding 3,800,000 199,999.971289999999 0 Genesis(StaFi Chain)
31ocHCL7Dw8YJC9zeHT7UXiA4ZgjDwzWQgphRKGbSX41fcCg 4,797,202.592526999999 4,797,200 2.592526999999 0 Genesis(StaFi Chain)
33DgUpArHKJgYMepNaqkXFEzYipuD8UYfZsXDmG8ZbHStWAw 16,814,748.473060892637 0 16,814,748.473060892637 0 Inflated reward(StaFi Chain)
stafi1gy5jtfmxw9nyr0p4mkfh9lakegm3jxn3sjdvea 4,987,883.953200 2,699,900.004198 52,568.007391 0 StaFiHub
  • Latest Updates

As of now, 7.77M FIS has been transferred to a multisig address & staked on the StaFi network. The remaining will be transferred & staked in months.

Txhash:

The DAO Treasury FIS multisig wallets will be found at https://docs.stafi.io/treasury/

DAO Progress

Beside that, 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“. Get more details of what StaFi DAO has done this May at https://medium.com/stafi/stafi-protocol-monthly-may-community-update-75e4899e5393

June 2024 Budget Plan

Recognized as the cornerstone of StaFi’s narrative, LSaaS holds paramount importance. To bolster its adoption, we are gradually reallocating resources towards LSaaS. The incentives previously allocated to LP liquidity will now be directed towards LSaaS. Our overarching objective is to achieve a monthly target of $100,000. This strategic shift has already been set in motion. We have initiated collaborations with leading marketing agencies to amplify our presence on prominent crypto news platforms. Additionally, a portion of our budget will be dedicated to this initiative. Moreover, we are actively exploring a partnership with ETH Global to encourage wider adoption of the LSaaS stack among developers. This endeavor is still in its exploratory phase, and further details will be provided in forthcoming reports.

Integration services Fee

Overview

With the smooth integration with CCIP and SSV DVT, StaFi’s security and decentralization have been enhanced. The integration of CCIP enables secure cross-chain transmission of rToken exchange rates, while SSV DVT enhances the security and decentralization of ETH staking.

In the meantime, there are some costs associated with using these services, which will be covered by StaFi DAO treasury.

Budget Plan

Year/Month Protocol Token Amount
2024/06 Chainlink CCIP LINK 80
2022/06 SSV Network SSV 20

This is an estimated value and the actual value may slightly vary depending on market fluctuations.

LSaaS Adoption Budget

Overview

The second quarter of 2024 is a critical point in the development of StaFi LSaaS. the StaFi DAO would like to provide as much support as possible at this time to accelerate mass adoption of LSaaS.

Including incentive spend, marketing spend, event spend, etc., StaFi DAO proposes to offer a budget of $100,000 per month as support. More adoption programs are being developed in order to reach the target budget. The following are among the more certain budget plans. DeFi liquidity incentive is an important part of this, but will not be listed separately thereafter, instead it will be part of the LSaaS adoption marketing spend.

Budget Plan

Fee type DeFi Protocol Chain Token/Pairs Platform type Spending-FIS
2024/06 DeFi Incentive Curve Ethereum rETH/ETH DEX 15,000.00
2024/06 DeFi Incentive Timeswap Ethereum rETH Lend/Borrow 15,000.00
2024/06 Hackthon Participation (unconfirmed) (unconfirmed) (unconfirmed) (unconfirmed) (unconfirmed)

This is an estimated value and the actual value may slightly vary depending on market fluctuations.

How to Get Involved

Mint rToken

rToken App

Guide

Add liquidity

Pools portal at StaFi: https://app.stafi.io/pool/all/

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