StaFi DAO Monthly Report - October 2023

StaFi DAO Monthly Report - October 2023

This October is the starter of the final quarter of 2023, time flies and never waits. And as the market gradually begins to move towards recovery, StaFi DAO is taking the time to build the foundation to take off.

DAO Treasury

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.

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
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
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
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
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

DeFi Liquidity Incentives

During the month of October, we provided a total of 116,314 FIS in liquidity incentives to three trading pairs(rETH/ETH, rBNB/BNB and rMATIC/MATIC) and one token(rETH) on various platforms such as Velodrome, Wombat, Thena, Curve and Kyber.

DeFi Protocol Chain Token/Pairs Platform type Reward-FIS
2023/10 StaFi Ethereum rETH Yeild 37,000.00
2023/10 Velodrome Optimism rETH/ETH DEX 1,200.00
2023/10 Wombat BSC rBNB/BNB DEX 4,000.00
2023/10 Thena BSC rBNB/BNB DEX 4,000.00
2023/10 Curve Ethereum rETH/ETH DEX 29,132.00
2023/10 Kyber Polygon rMATIC/MATIC DEX 40,982.00

Community Incentives

In October, the community incentive is 14,444 FIS in total, which is only 59.8% of the last month’s.

Category Member Reward-FIS
2023/10 Moderator 5 14,444

The amount is much smaller this month. It’s not that StaFi DAO is scaling back its budget for community incentives; what’s surprising is that, instead, StaFi DAO is trying to make community incentives available to more people.

How can we leverage community funds and allocate them to those who contribute meaningfully to StaFi’s development? Our goal is not only to promote the growth of StaFi, but also to enable all community members who truly care about the development of StaFi to work hand in hand with StaFi and share the dividends of its growing.

StaFi needs different helpers at different times of building. In order to accomplish the above, the StaFi DAO has modified the requirements for Warriors and Rangers and the way they contribute to StaFi. With this shift, in October some DAO members kept up with contributing and received incentives, while others did not. We hope to see more forces from the community receive community incentives and find their place in the StaFi DAO afterwards.

DAO Progress

In October, StaFi DAO is paying more attention to improve the financial transparency and continuing to facilitate the orderly roll-out of governance:

  • New DAO Proposal Open for Review: Off-chain vote proposal: As part of our commitment to decentralization and a contributor-driven DAO, we invite all FIS and rFIS holders to actively engage in the governance of the StaFi protocol. This proposal enables you to submit and vote on proposals, giving you a voice in the decision-making process.

  • A quick guide on How to join the off-chain voting:

  1. Visit StaFi off-chain voting and connect your Polkadot{.js} / Metamask wallet
  2. Check active proposals under both “All Proposals” & “Active”
  3. Vote “For” or “Against” the proposal
  • New DAO Proposal Open for Review: Assessing the Current State of the DAO Community Treasury and the Potential for Staking FIS: This proposal focuses on evaluating the current state of the community and inflation components within the treasury. It provides an overview of the associated addresses and suggests partial staking of the treasury. Additionally, it introduces burning mechanisms to ensure the long-term sustainability of the protocol.

  • The Chainlink CCIP and SSV services fees are included to the Budget plan from November: The integration of CCIP enables secure cross-chain transmission of rToken exchange rates, while SSV DVT enhances the security and decentralization of ETH staking.

  • A discussion draft of DAO Governance Framework for Ethereum is under preparing.