Karpatkey: GnosisDAO Monthly Report - November 2024

Treasury
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Karpatkey: GnosisDAO Monthly Report - November 2024

Introduction

In November, the main focus was to optimise liquidity and strengthen the Gnosis Chain DeFi Ecosystem. Gnosis Chain reached $532.94m in monthly volume (Defillama), which is up by 182.14% from the previous month and the highest month yet.

Summary

  • Financial Results: The total treasury size has increased from $628 million to $814 million in the past month.

  • Breakdown of Results:

    • DeFi Results: $730k
    • Operations Results: -$9.15M (includes $6.7m sent to GnosisVC and $600k OTC buyback)
    • Change in Market Value: $195M
    • Fees to karpatkey: $250.360, of which $166.667 correspond to management fees, and $83.693 to performance fee

  • Monthly reports here.

Treasury Operations & Ecosystem Development

  • $6.7m deposited into GnosisVC accounts following GIP-102.
  • Sold $5m worth of ETH for USDC at an average price of $3,500.
  • Withdrew liquidity from Arrakis and Balancer V2, and created liquidity on Uniswap V3.
  • Gnosis Chain experienced an increase in trading volumes with a large portion generated from liquidity pools on Uniswap V3 (Volume/TVL ratio 1.5).
  • Launched wstETH/sDAI and wstETH/GNO Uniswap V3 pools on Gnosis Chain.
  • Snapshot proposal submitted to deploy Stargate protocol to Gnosis Chain.

Ongoing Operations

  • Distribute Curve pool and CoW solver incentives.
  • Distribute Gnosis Pay cashback rewards following GIP-110. Dune Dashboard here.
  • Treasury evaluation and reallocation of capital for improved yield.
  • Rebalancing pools and optimising liquidity.

GNO

Buybacks

  • Two OTC deals took place with one of our largest sellers:
    • 600,000 USDC was used to purchase 2,299.82 GNO at an average price of $260.89.
    • 220k USDC was used to purchase 829.46 GNO at an average price of $265.09.
  • The 2M SAFE TWAP ended and a new 2-week TWAP for a further 682k SAFE was created.
  • TWAP using wstETH reactivated with 800 wstETH.

Tech Overview

  • Completed audit and deployment of Roles v2.
  • Smart contract audits for CoW AMM LP Depositor Safe Module completed.
  • GnosisDAO and GnosisLTD Disassembler Audits completed.

Governance

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