Happy Monday everyone, time for our weekly update.
STARATLAS.EXCHANGE
Of course the big news last week was the launch of StarAtlas.Exchange. This was the result of several weeks of work with members of IA and SAIA. Special thanks to Quen for help with React work; Avarupter and Core for logos; and big ups to GenesysGo for providing us with the private RPC server on the backend. We’re already seeing user activity and referral fees come in and have more changes in the works already to make this the premier Star Atlas exchange out there.
Thirty percent of any profits generated by this DEX will be deposited to the dao treasury.
TRADE ACTIVITY
Purchase of 10x each of the limited edition Fabricant items has been completed.
DCA strategy for ATLAS/POLIS farming has resumed. $1200 ATLAS/POLIS + 1200 USDC was staked in the respective ORCA pools and deposited in the double double-dip farms. ($5290 total when staked).
MEMBERSHIP
As of Sep 27, 9:30AM EST, the Daohaus has 132 confirmed members, 359,019 SHARES, and 246,050 LOOT. For those wondering, both SHARES and LOOT determine your exit value from from the dao, while shares give you voting power on proposals.
We have two membership proposals in queue, for a total of 1600 SHARES and 6,500 LOOT, giving us a total issuance of 360619 SHARES and 252550 LOOT, 613169 total. This is and an 18.2% increase from last week.
We are going to hold the issuance rate for at least another week at the GAO r2 rate which went into effect last week: Minimum 1000 USDC = 500 LOOT and 100 SHARES. The max is now 50,000 USDC.
TVL
Step.Finance shows the SAIA.sol ALPHA hotwallet cash value at 132810.65, including token balances, yield farming and aggregation vaults.
We also have $14,161.00 in open DEX orders.
Step.Finance does not show the Orca Double-Dip farms, which we calculate with rewards to be worth $5537.453 :
The subtotal for tokens and farms balances is 133178.383
The estimated market value of NFTS among all of the wallets under management is $209224.6509. Asset prices are taken from the average price for the last twenty trades on the Serum markets. For illiquid assets a such as T3 Rebirth items, we use the last trade price listed.
This gives the dao a total TVL of $342403.0339, down 8.42% from last week.
Estimated exit value for DaoHaus issuance is 0.558415435 (CASH + NFTs) / (SHARES + LOOT), a 1.6544% increase over the week prior.
PROPOSAL 190: Likewise Ventures Wallet acquisition
Private keys have been transferred and the proposal been processed. All assets will be sent to the multisig vaults. CAPN will be sent to the OMEGA vault to replace the one that was sold previously and those remaining be transferred to the GAMMA vault.
OTHER STUFF
There have been questions and discussions around the legal status of the dao. Right now we don’t have a consensus as to what that’ll look like. Some members want to move toward a corporate structure, such as a Wyoming LLC, that will allow us to scale up using VC capital, but other members want responsibility for reporting to fall on the individual. The conversation is ongoing and I’ve asked that the matter be tabled for a few months while we focus on the transition from Daohaus to Solana.
Regarding DaoHaus, it’s basically functioning only as a cap table of sorts. We’re only using the proposals there for membership applications. There hasn’t been a real governance vote since funds were released to Solana a few weeks back, and since there are no funds in the xDAI vault there is no way to exit automatically.
I have been telling people to expect to have their funds locked up until at least 1H22, when we hope to do away with DaoHaus and have some sort of token pool available for users to trade in and out of freely. We’re still exploring Solana solutions, and we now have an economic working group that is going to help us figure out how we’re going to design the tokenomics. I hope to be able to share more on that in the coming weeks.
Personally, I am learning so much about how Solana and Serum operates. SAIAdao remains my full time job at this point and I am looking forward to diving deeper into the way these systems work to build out more tools that will help not just our members but everyone in the Solana ecosystem. I really hope people find value in the DEX that we’ve set up, so let me know if you have suggestions. Another update is coming out today or tomorrow, and we’ll continue to build improvements based on your feedback.
Of course I can’t do it all, so if you haven’t yet, please check the Discord threads under #how-to-help and drop a line under #skill-check to let us know what you’re good at or working on. I still need help on the dev team, so if you know React or are familiar with the Serum/Solana libs or RPC calls, please reach out. We’ll also need Solana devs in the coming weeks as well, but I know you all are really busy right now.
As I’ve said before, this is a decentralized organization, so if you think there’s something that needs doing, get at it. Every member is empowered to help out wherever they like or take initiative as they see fit.
Long live the IA!
BCM | SAIADao Launch Control