Gnosis Ventures GIP-38
This report is an update on GIP-38 Gnosis Ventures.
Within the broader Gnosis ecosystem there are various venture
efforts both before and after GIP-38 that might be combined
in reports elsewhere. This report is only about GIP-38.
Future venture initiatives under other GIPs will
lead the way forward after the sun sets on GIP-38.
2022 mid-year
Received from DAO Treasury 2022 June 29 (@ ~$25M)
- 5M USDC
- 12,625 stETH
- 73,394 GNO
2024 Q1
Returned to DAO Treasury 2024 Q1 (@ ~$40M)
- 6,120 stETH
- 71,841 GNO
Net inputs: (@ ~$20M)
- 5M USDC
- 6,505 stETH
- 1,553 GNO
Tokens distributed to the Gnosis DAO Treasury 2024 Q1 (@ ~$50M)
- 10,000,000 HOPR
- 8,500,000 OLAS
Tokens that exist and are slated for distribution to the
DAO Treasury but are still vesting, locked, or not transferable yet:
- 800,000 Connext (NEXT)
- 8,000,000 Shutter
- 8,000,000 DIVA
Holdings for which tokens have not been received yet,
tokens don’t exist yet, or for which there’s no token plan yet:
- AltLayer.io
- AMMalgam.xyz (DLEX)
- Anoma
- Fileverse.io
- Gateway.fm
- ImmuneFi
- Kinetex.io
- Li.Fi (Jumper)
- Mean.finance
- Mimic.fi
- p0.inc (Harbor)
- Phaver
- POAP
- Rated.Network
- RISC Zero
- Sablier
- Succinct.xyz
- Vibe.xyz
- WalletConnect
Holdings are illiquid and subject to lock-ups, world
events, market downturns, etc. Great projects might
do years of good work before launching a token or
reaching a liquidity event.
A rough estimate of what the above holdings might imply
for the Treasury: it seems unlikely that more than half of the
returns are in, and it would be surprising if less than
a fourth of the returns are already in. This suggests
a range of about $100M-$200M over time, or 5-10x the ~$20M inputs.
This post will be updated as the numbers make it from
estimates to reality over the coming years.
Gnosis Ventures
GIP-38