Gilbert Goanna Tree Fund Wrap Up — Q1 2022
First and foremost, we would like to take the opportunity to personally thank everyone in the Algorand community who has supported this initiative and allowed us to make such significant progress in a short period of time.
The aim of this post is to provide an account of the fundraising efforts that have been made during The Fund’s inception and to give an insight into our current thinking and future plans. As Algorand’s first dedicated impact fund, the support of the community is integral to our future growth. Our aim is to be as transparent as possible regarding all aspects of The Funds operations.
Behind the scenes we have been forming alliances with various tree planting projects around the world. As we begin to distribute funding, these partnerships will allow us to have a greater impact through lower cost of planting trees; as well as to support a more diverse range of projects across the globe. These organisations include, Carbon Neutral, One Tree Planted, Trees.org
At the time of writing the Gilbert Goanna Tree Fund has 203,958A in assets. This has been raised through donations from NFT sales, matching provided by the AK Foundation and private donors. Over 50 separate Algorand NFT projects have made contributions to The Fund, with many projects providing ongoing support, which has been fantastic to see. A full breakdown on all donations received is available to see here.
Our goal for The Fund is to utilise Algorand DeFi protocols to continuosly generate yield that can then be distributed to our tree planting partners to get trees in the ground. By leveraging Algorand in this way, The Fund will be sustainable over the long term and have a far greater impact.
During Q1 we began to explore the available DeFi protocols and options available on the Algorand blockchain. Our long term philosophy has led to us taking a considered and conservative approach with the aim of safeguarding our capital.
We committed 52,100A at the start of Q1 to the official Algorand Foundation Governance period. A further 40,000A was used to provide liquidity to the Algo/USDC pair on Tinyman, this has now been removed and converted back to Algo. In mid March we supplied 100,000A to AlgoFi. Against this we borrowed an amount of STBL which was then staked. Taking a conservative approach we have maintained a borrowing limit of approx 35% of our total stake on the platform to minimise any liquidation risk.
In addition to using the generated yield to support tree planting efforts, 5% of The Funds capital will be allocated to projects each quarter.
Governance Rewards: 1304A
Staking Rewards: 664A
Tinyman LP Algo/USDC: 2800A
AlgoFi Rewards: 300A (projected)
Total Generated: 5068A
5% of current AUM = 10,153A
Additional 6900A for Everglades Foundation
Total available for distribution: 22,121A
The allocated Algos will be liquidated at the end of the quarter and distributed directly to various tree planting initiatives. Further information and a breakdown of the specific projects we will be supporting will be published once this has been finalised. In addition to the Algo’s allocated for distribution, we also have a commitment that was made during the Decipher event to provide 6900A to the Everglades Foundation. This will happen prior to the end of Q1 pending the set up of an Algorand Wallet by the Everglades Foundation.
For Q2 our goal for the Fund is to achieve 500,000A in assets under management. We have lots of exciting plans we will be looking to share over the coming weeks. We will be creating an NFT scholarship program to partner with emerging artists and release The Fund’s own dedicated NFT series. This will allow us to raise capital as well as provide NFT rewards to acknowledge high value donations. We will also be creating opportunities for the community to take a more active role in the management of The Fund through an exciting new governance program.
Thank you again for your continued support and helping us to drive real world impacts through green NFTs on Algorand.
