KeeperDAO Financial Update
A Review & Update of KeeperDAO's Financials
As the first KeeperDAO Improvement Proposals (KIPs) canonize KeeperDAO into a decentralised machine, we think this is a perfect moment to provide an update on ROOK token distribution as well as a comprehensive overview of the financial standing of the DAO Treasury.
In this new era of KeeperDAO governance, the boundaries dissolve between Labs, Core, and other entities in the DAO. Decision-making and financial control are now collectively governed responsibilities and powers.
Over the eleven months since ROOK's birth, a lot has happened. Now that we hand over the keys to the treasury, let's recap some financial events:
| Date | ROOK Units | Tx | Description |
|---|---|---|---|
| 11/01/2020 | - | Etherscan | ROOK Token Created |
| 11/01/2020 | 780,000 | Etherscan | Initial Mint |
| 11/01/2020 | 140,000 | Etherscan | Q1 Keeper Mint |
| 11/01/2020 | 60,000 | Etherscan | Q1 LP Mint |
| 11/10/2020 | 20,000 | Etherscan | Uniswap Liquidity Provision |
| 12/18/2020 | 100,000 | Etherscan | Polychain Swap |
| 12/18/2020 | 20,000 | Etherscan | 3AC Swap |
| 2/04/2021 | 564 | Etherscan | Kyber Swap #1 |
| 2/04/2021 | 21,000 | Etherscan | Q2 LP1 Mint |
| 2/04/2021 | 49,000 | Etherscan | Q2 HG1 Mint |
| 2/13/2021 | 42,800 | Etherscan | Alameda Swap |
| 2/23/2021 | - | Discord (Set) | DAO Treasury LP Deposit #1 |
| 3/22/2021 | 21,000 | Etherscan | Q2 LP2 Mint |
| 3/22/2021 | 49,000 | Etherscan | Q2 HG2 Mint |
| 5/12/2021 | 19,600 | Etherscan | Q3 LP Mint |
| 5/12/2021 | 14,700 | Etherscan | Q3 HG1 Mint |
| 5/14/2021 | 3,615 | Etherscan | LP Rewards Claim |
| 5/24/2021 | - | Discord (Set) | DAO Treasury LP Deposit #2 |
| 6/14/2021 | - | Etherscan | Kyber Swap #2 (Uniswap) |
| 6/28/2021 | 14,700 | Etherscan | Q3 HG2 Mint |
| 7/20/2021 | 6,125 | Etherscan | Q3 HV Mint |
| 7/21/2021 | 100 | Etherscan | White Hat Bug Bounty |
| 7/31/2021 | 5,528 | Etherscan | ROOK Buy Back |
| 7/31/2021 | - | Etherscan | Eth + WEth Swap for JITU (DAI) |
| 8/08/2021 | 9,998 | Etherscan | ROOK Buy Back |
| 8/08/2021 | 10,395 | Etherscan | Q4 LP Mint |
| 8/08/2021 | 10,395 | Etherscan | Q4 HG1 Mint |
| 8/08/2021 | 10,395 | Etherscan | Q4 HV1 Mint |
| 8/08/2021 | - | Etherscan | Eth + WEth Swap for JITU (USDC) |
| 8/08/2021 | - | Etherscan | Eth + WEth Swap for JITU (DAI) |
| 9/01/2021 | 25,821 | Etherscan | ROOK Buy Back |
| 9/11/2021 | 50,000 | Etherscan | Reserves to DAO Send |
Current Supply Distribution
With the recent transfer of ROOK to the DAO Treasury, the ROOK supply now breaks down as follows:
| Holder | Amount | Address |
|---|---|---|
| Polychain Seed Investment | 100,000 | 0xf286bb612e219916f8e9ba7200bf09ed218890cb |
| Founding Team | 167,000 | 0xb81f5b9bd373b9d0df2e3191a01b8fa9b4d2832a |
| Strategic Reserves | 390,352 | 0xb81f5b9bd373b9d0df2e3191a01b8fa9b4d2832a |
| DAO Treasury | 101,712 | 0x9a67f1940164d0318612b497e8e6038f902a00a4 |
| Uniswap Liquidity Provision | 20,000 | 0x70ec2fa6eccf4010eaf572d1c1a7bcbc72dec983 |
| Other | 452,443.5 | - |
| Total | 1,231,507.5 | - |
Key ROOK-holding Addresses
The existing Strategic Reserves - managed by the founding team - are dedicated for the purpose of advancing the protocol. Some examples of this potential use would be exchange listings, marketing, providing liquidity on centralised and decentralised exchanges, as well as partnership handshaking. In other words, Strategic Reserves ROOK are for pushing the project forward.
The DAO Treasury - managed by Governors - is filled with many other assets beyond ROOK. The potential use of these funds are quite limitless (only limited by your ideas). In fact, based on our research, the following five projects hold the most non-native assets in crypto.
Largest Treasuries (Excluding Native Token)
| Project | Non-Native NAV (USD) | Address |
|---|---|---|
| Olympus DAO | $315 Million | 0x31F8Cc382c9898b273eff4e0b7626a6987C846E8 |
| Synthetix | $96 Million | 0x99f4176ee457afedffcb1839c7ab7a030a5e4a92 |
| KeeperDAO | $88 Million | 0x9a67f1940164d0318612b497e8e6038f902a00a4 |
| DXDao | $45 Million | 0x519b70055af55a007110b4ff99b0ea33071c720a |
| NounsDAO | $33 Million | 0x0BC3807Ec262cB779b38D65b38158acC3bfedE10 |
DAO Treasury
The DAO Treasury is controlled by the Governors of KeeperDAO. At time of writing, the KeeperDAO Treasury has amassed over $100 Million of value between Ethereum, Bitcoin, stable coins, and ROOK. With the inauguration of governance, we have reached the stage where KIPs (KeeperDAO Improvement Proposals) on the forum will foster plans for these funds.
Expenses
This treasury report wouldn't be fully transparent if it only reported on the balances and gains of the DAO. To kickstart and maintain operations, we have allocated resources from the treasury to fulfill both anticipated and committed expenses for the foreseeable future. Specifically, we have grown our team to sixteen full time members.
Currently, Core and Labs have an employment expense rate of $740,499.84 and 5,301 ROOK per year from the DAO Treasury. All existing contracts are for three years, meaning this sums to about $2,221,499.52 and 15,903 ROOK over the next three years.
Not included are contractor and grant-based budgets, which will be proposed for anew or renew in KIPs on a quarterly basis. Another KIP outlining the Recruitment, Hiring, Onboarding, Experience, and Termination protocol (eg Scaling Team Operations) has been drafted and will be submitted to the forum to standardize employment protocols the coming weeks.
Assuming static overhead, the treasury breaks down as follows:
Net Asset Value
The Net Asset Value of the DAO's treasury is ~$101 Million. That is to say, ROOK holders now manage $101 Million. Whether you have been with KeeperDAO from the beginning or are just finding out about us now, we hope your mind is racing with possibilities of what this treasury can be used towards. It enables us to act on just about any well-constructed idea.
Treasury ROOK Rewards
The Treasury has also accumulated ROOK Rewards for providing liquidity to KeeperDAO Liquidity Pools.
| Reward Type | Amount | Claimed |
|---|---|---|
| Act II LP | 3,615.47 | Yes |
| Act III LP | 4,692.74 | No |
| Act IV LP | 1,607.47 | No |
| Total | 9,915.68 | 3,615.47 (6,300.21 Unclaimed) |
This means another 6,200 ROOK (at time of writing) can be claimed by the DAO - this ROOK will, of course, be used as the Governors see fit.
Note: Unclaimed ROOK is not included in the Treasury Distribution graphic. This ROOK would increase the Treasury NAV an additional ~$1 Million.
It will be up to you - the DAO - to decide how to utilize the treasury's funds. If you haven't yet brought your ideas to the forum, we welcome you to join in. This is a special opportunity to shape the usage of a $100+ Million treasury, and the trajectory of KeeperDAO.
