KeeperDAO Financial Update

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.

50,000 ROOK were sent to the DAO Treasury on September 10, 2021

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:

DateROOK UnitsTxDescription
11/01/2020-EtherscanROOK Token Created
11/01/2020780,000EtherscanInitial Mint
11/01/2020140,000EtherscanQ1 Keeper Mint
11/01/202060,000EtherscanQ1 LP Mint
11/10/202020,000EtherscanUniswap Liquidity Provision
12/18/2020100,000EtherscanPolychain Swap
12/18/202020,000Etherscan3AC Swap
2/04/2021564EtherscanKyber Swap #1
2/04/202121,000EtherscanQ2 LP1 Mint
2/04/202149,000EtherscanQ2 HG1 Mint
2/13/202142,800EtherscanAlameda Swap
2/23/2021-Discord (Set)DAO Treasury LP Deposit #1
3/22/202121,000EtherscanQ2 LP2 Mint
3/22/202149,000EtherscanQ2 HG2 Mint
5/12/202119,600EtherscanQ3 LP Mint
5/12/202114,700EtherscanQ3 HG1 Mint
5/14/20213,615EtherscanLP Rewards Claim
5/24/2021-Discord (Set)DAO Treasury LP Deposit #2
6/14/2021-EtherscanKyber Swap #2 (Uniswap)
6/28/202114,700EtherscanQ3 HG2 Mint
7/20/20216,125EtherscanQ3 HV Mint
7/21/2021100EtherscanWhite Hat Bug Bounty
7/31/20215,528EtherscanROOK Buy Back
7/31/2021-EtherscanEth + WEth Swap for JITU (DAI)
8/08/20219,998EtherscanROOK Buy Back
8/08/202110,395EtherscanQ4 LP Mint
8/08/202110,395EtherscanQ4 HG1 Mint
8/08/202110,395EtherscanQ4 HV1 Mint
8/08/2021-EtherscanEth + WEth Swap for JITU (USDC)
8/08/2021-EtherscanEth + WEth Swap for JITU (DAI)
9/01/202125,821EtherscanROOK Buy Back
9/11/202150,000EtherscanReserves to DAO Send

Current Supply Distribution

With the recent transfer of ROOK to the DAO Treasury, the ROOK supply now breaks down as follows:

HolderAmountAddress
Polychain Seed Investment100,0000xf286bb612e219916f8e9ba7200bf09ed218890cb
Founding Team167,0000xb81f5b9bd373b9d0df2e3191a01b8fa9b4d2832a
Strategic Reserves390,3520xb81f5b9bd373b9d0df2e3191a01b8fa9b4d2832a
DAO Treasury101,7120x9a67f1940164d0318612b497e8e6038f902a00a4
Uniswap Liquidity Provision20,0000x70ec2fa6eccf4010eaf572d1c1a7bcbc72dec983
Other452,443.5-
Total1,231,507.5-

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)

ProjectNon-Native NAV (USD)Address
Olympus DAO$315 Million0x31F8Cc382c9898b273eff4e0b7626a6987C846E8
Synthetix$96 Million0x99f4176ee457afedffcb1839c7ab7a030a5e4a92
KeeperDAO$88 Million0x9a67f1940164d0318612b497e8e6038f902a00a4
DXDao$45 Million0x519b70055af55a007110b4ff99b0ea33071c720a
NounsDAO$33 Million0x0BC3807Ec262cB779b38D65b38158acC3bfedE10

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.

What's a ROOK to do with all this Ether?

Treasury ROOK Rewards

The Treasury has also accumulated ROOK Rewards for providing liquidity to KeeperDAO Liquidity Pools.

Reward TypeAmountClaimed
Act II LP3,615.47Yes
Act III LP4,692.74No
Act IV LP1,607.47No
Total9,915.683,615.47 (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.