Hello all,
Last week saw tremendous growth of interest in SAIADao. I was inundated with membership requests; we processed a lot of proposals and raised over $125,000. I also sponsored a proposal to purchase a wallet with T3 Rebirth assets in exchange for dao issuance. We made tremendous operational progress as new members are bring much needed skills to the table. We will also provide an update a couple of our projects that are in the works.
First, the numbers:
MEMBERSHIP
As of Sep 20, 8AM EST, the Daohaus has 113 confirmed members, 320,794 SHARES, and 97,355 LOOT. Additionally, the twenty three (!!!) proposals in Voting or Grace periods have a number of issues associated with them. Bear with us for a moment, as Proposal 109 (see below) is still in voting and as we do not have custody of these assets, we will exclude the associated shares and use consider membership applications where cash has already been exchanged.
Therefore, we calculate the total DaoHaus issuance as 341754 SHARES, 176991 LOOT, giving us the actual number of claims on the bank at 518745 total.
One note about the current pledge rate and extensions: we provided very generous extensions for everyone who asked. Solana was down for eighteen hours or so, so we granted an additional 48 hours for people to get their bags together. There are also a number of people who asked for extensions due to funds being locked up in Raydium for the Pearce skin promotion. These have all been noted in Discord threads.
We are therefore moving forward with the GAO r2 rate: 1000 USDC = 500 LOOT and 100 SHARES.
TVL
Step.Finance shows the SAIA.sol hotwallet cash value at 132810.65, including token balances, open orders, yield farming and aggregation vaults.
Using our custom market price feed data, we estimate the total value of Star Atlas NFTs at 152150.1746 USDC, which gives us an total TVL of 284960.8246.
Estimated exit value for DaoHaus issuance is 0.549327366 = (CASH + NFTs) / (SHARES + LOOT), up from 0.42 the week before.
PROPOSAL 190: Likewise Ventures Wallet acquisition
Please take a look at the forum post if you haven’t already. I’ll let the voting speak for itself, I’m mentioning it here because it’s an important vote. There’s also a broader conversation to be had about valuing illliquid assets as it relates to TVL calculation. Thankfully these T3 assets have some market activity that we were able to use, who knows what the value of T4/T5 Rebirth assets are right now.
I do want to mention the inclusion of these assets in the previous TVL calculations. Addition of the assets at today’s current price of 88937.23 USDC and issuance of 93,823 shares and loot would give us a exit value of 0.610378039 = 373898.05462 TVL / 612568 SHARES + LOOT
TRADE ACTIVITY
The only activity we have to report is the purchase of the limited edition jackets, quantity 10 each at retail.
- PRIMORDIAL GLO
- NXT LE]V[EL DS BODYSUIT
- PHOTONIX PROVENANCE
- COSMIC ORIGIN 92
Moving forward the procedure will be that I will get temperature checks before making any additional trades. To that end I’ve opened ones in Discord around additional gear purchases as well as that of a Commander-class Pearce C11.
HOTWALLET/ MULTISIG VAULTS
We have published wallet information on the Gitbook. All Rebirth posters have been moved to Omega, and discussion continues will continue about what to do with other assets.
Regarding custody and trustlessness, I know some people are starting to get uncomfortable with the amount of assets under my sole control in ALPHA. Trust me, I’m one of them. We are working on a secret sharing scheme as a disaster plan, and the Vault Control Team has discussed doxxing ourselves (internally) as a security precaution. Anyone that has additional concerns is more than welcome to bring them forward so that we can address them as part of our formal documents.
VENTURE PROJECTS
StarAtlas.Exchange Serum DEX front-end:
Development is coming along nicely and we’re ready moving toward a public beta test. Discord members can get a look at the current test instance. We’ve got a new member with React skills that will be helping out with things once we can get them on-boarded. If all goes well we should be getting a cut of maker fees posted through our front end.
Solana Validator:
GravityMaster is building a Solana validator. He’s bootstrapping the hardware out of pocket and will need help marketing as we’ll need to have a stake the tune of 60,000-120,000 SOL in order for it to be profitable. This project helps secure the Solana network and will also help with DEX stability by providing us with an RPC endpoint.
OTHER STUFF
These are the only two projects that we can share details on right now. There’s another that we’ll talk about in a later update. If you are working on anything, let us know. We’re going to focus funding on Solana/Star Atlas projects for the next few weeks at least, but we’d still be interested in hearing about anything else you’re working on.
And that’s it for this week, we have a whole lot going on, so if you’d like to help out, check the how-to-help thread, let us know what you’re good at in skill-check, and get to it! This is a decentralized organization, after all, so don’t wait for permission. Every member is empowered to help out wherever they like or take initiative as they see fit. We’re seeing more DAOs/DACs spin up, so let’s maintain our momentum and stay ahead of the competition!
Long live the IA!
BCM | SAIADao Launch Control