Forgive me, it’s been 22 days since my last update, but things have been cray-zee. The launch of SCORE went spectacularly well, and I took off two weeks after that to take vacation and travel to see some family. I hope everyone’s holiday went well. I’m slowly returning my brain to work mode.
I have the NAV numbers and have some other announcements and news that I want to give you all an update on.
NEW COMMUNITY LEAD
As I’ve been forced by necessity to step back from focusing on SAIAdao, I’ve asked my friend ChrisCrypto to step up as community lead and help coordinate things with me. Chris was a community lead for PoolTogether and is a successful entrepreneur in his own right. Big thanks to him for stepping up and help us getting SAIA to the next place. I see he’s already been hard at work with JD and others on getting the legal situation under control.
TRADE ACTIVITY
As many of you know we purchased our flagship C11. In anticipation of that we converted our entire USDC tranche to ATLAS. We purchased a total of 401640.6 ATLAS at an average price of 0.1188925, about $47,752 in total. That went with our existing ATLAS tokens and we were able to purchase the C11 at drop!
In fact, we had so much ATLAS left over at that time that I was able to buy additional ships:
Other than that, we have only been claiming and purchasing R4 (food, fuel, ammo, toolkits) necessary to keep our ships supplied.
FARMING
I’ve managed to write an automation script that performs harvesting and resupply operations. (I’m working on releasing it to the community, more on that later.) All I have to do is keep the wallet full of R4 and it’ll top them off whenever I run them.
I did some calculations earlier. We have $255,971 in ships staked right now. I don’t have the actual VWAP price right now, so we’ll have to go with this number, despite the fact that the C11 price is about $20k lower because there aren’t any sell orders on the market right now. We’re generating 8494.223 ATLAS a day, or about 7147 after resupply costs are considered. At the current price of ATLAS at $0.10811, we’re looking at $772.66217 a day, or about 110% APY. This is in line with what the team is targeting, but is probably off due to this being a NAV calculation and not a VWAP calculation. We also don’t have accurate cost basis, which skews our calculations.
Based on Discord discussions, the general attitude is that POLIS is heavily discounted and that we should start implementing some sort of purchasing strategy. I’m hoping we can do this through the POLIS/ATLAS market that we’ve created, but we may be forced to do a two-way swap using the USDC pair. I’m implementing a DCA strategy and will provide more details on it in the next update.
NAV
- $15,665.77 in token balances.
- $16035.83 in Orca Double Dip pools, Tulip Yield Aggregation Vaults, and Apricot deposits
- $596,102.3051 in NFTs
for a total of $627,803.9051 in NAV. This week’s estimated exit value for all Daohaus claims is 0.9934282, a 49.4207% increase for the week. That’s huge.
SOLANA MIGRATION
I know I have been extremely tardy on this front and apologize. I’m putting some time on my calendar and will be providing a twelve-week plan to help move progress forward. Here’s the broad next steps:
- Test spl-governance devnet realm management of spl-token accounts. Make sure that we can manage Rebirth posters in a governance, and whether these assets can be managed in one governance or if multiple will be needed.
- Determine proper governance parameters, create mainnet realm and transfer multisig-owned assets to the realm.
- Determine initial mint parameters for SAIA and DUST tokens, continue planning airdrop.
- Finalize solution to provide airdrops to users
- Determine parameters and strategy for SAIA and DUST USDC markets
- Create Serum markets
I believe this to be the bare minimum needed to get the migration started. There’s a lot more I could add about a proper front-end, and full management of SCORE yielding assets using the realm, but I’ll save that discussion for next quarter.
I’ll work on a more in depth project plan and provide that as soon as I can.
END NOTE
I’m very satisfied with the state of things right now, our NAV/TVL is at an ATH, and we’re actually seeing cash flows. I’ve yet to figure out how to account for this future value, but will try to pull something together that we can use. What I can say for sure is that we have a lot more assets that are going to see use in the next 3-6 months when the land game is deployed, so I’m confident that what we’re seeing now is just the beginning.
I’m very impressed with the Star Atlas team that I’m now a part of, and it’s growing every day. I’m also glad to see progress being made within SAIAdao and I’ll endeavor to continue my contributions and keep us moving forward.