Silo Report — April ‘24
What better way to start the beautiful month of April off than a widdle recap of the happenings of the prior month.
April Two Oh Two Four — let’s see what we’ve got!
Market Metrics
Who doesn’t like some sweet juicy updates?
TVL
Silo-wide TVL is currently $194.8m.
This is split between:
- Silo Legacy: $20.0m
- Silo Llama: $66.2m
- Silo Arbitrum: $108.6m
Utilization
Silo-wide total borrowed amount is currently $60.3m, which equates to a utilization rate of 31.0%.
This is split between:
- Silo Legacy: $6.0m
- Silo Llama: $19.9m
- Silo Arbitrum: $34.3m
Utilization has grown by 9.2% which means more efficient use of our TVL!
Protocol Metrics
Revenue
These are based on claimed revenue til the 23rd of the month.
Claimed monthly revenue for SiloDAO during April is $560.9k, a MoM growth of 115% and another revenue ATH.
Claim addresses:
Alternatively you can view our handy revenue dashboard here.
Buybacks
We have integrated Mean Finance to automate our monthly buybacks.
In total, 1,433,074 $SILO were bought back during April.
View our DCAooor contract here.
Treasury Balance
Total funds held by SiloDAO amount to $26,817,834 which can be seen here.
Updates
New Markets
April saw the launch of 5 new markets, including:
- PT-rswETH (27 June)
- PT-eETH (27 June)
- PT-rsETH (27 June)
- rsETH
- ezETH
Of course, some of these are blessed with those oh so juicy points — make sure to check the UI for our point indicator.
Integrations
Tapping into our widespread LRT support, we’ve seen an excellent range of integrations from some of our partner protocols.
This includes:
- Contango and Factor support for automated looping
- Beefy for auto-compounding deposits
These have been exceptionally important in improving Silo user UX and yield optimiation. Splendid!
Content and Announcements
Revenue Growth
DAO revenue for April were the largest we have ever seen, with $560.9k over the month.
This is a two times increase to our prior month revenue which was already an ATH at the time!
Onwards and upwards, brethren.
Silo v2 Proposal
An addendum was posted to the Silo v2 governance proposal with some decent sized recommendations:
Moving veSILO governance to Arbitrum
Transaction costs can be a blocker for smaller community members and Silo believes that all users should be heard regardless of size.
Migrating the governance infrastructure to Arbitrum will reduce the barriers to participation while aligning ourselves with that great blue chain.
Changed veSILO Minting Mechanism
The previous veSILO mechanism required the locking of 80/20 SILO/ETH LP to mint veSILO.
The new veSILO recommendation is a simple single-sided $SILO lock, for smoother user experience.
Listing $SILO on CEXs
In the path towards Silo v2, proper distribution channels for $SILO will allow the DAO to include more users.
The core team is currently in discussion with market makers and CEXs to facilitate a seamless listing process.
Insights and Walkthroughs
Interested in learning how Silo and lending markets work?
Check these out!
- Reflections on the STIP
- Rate Arbitrage via EtherFi
- ezETH Point Looping
- PT-rswETH Looper Observation
- Why risk-isolation allows PT listing
- Fixed borrowing costs on PT-rsETH silo
- Liquid Points via rsETH silo
- Dual Incentives live with $PREMIA
- Rolling PT-eETH position into weETH
- Rolling PT-eETH position into weETH (for idiots)
Announcements
Keep in the loop with Silo’s recent developments here:
New Markets
- ezETH (Arbitrum and Legacy)
- PT-rswETH (Legacy)
- PT-eETH June 27 (Arbitrum)
- rsETH (Legacy)
- PT-rsETH (Arbitrum and Legacy)
Integrations
- ezETH and PT-ezETH on Contango
- PT-eETH June 27 on Contango
- ETH (ezETH and PT-ezETH) on Beefy
- eETH and PT-ezETH on Factor
Closing Comments
Another absolutely BEAUTIFUL little write-up by everyone’s favourite intern.
Until next time, people.
