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Silo Report — January ‘24

Nutoro D. Chutoro
Silo

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3 new markets.
5 new integrations.
1 sleep deprived content writer.

No matter — let’s dig into our FIRST Silo report for the big 2024!

Market Metrics

TVL

Silo-wide TVL has grown to $284.5m which is a MoM decline of 6.9%.

This is split between:

  • Silo Legacy: $21.9m
  • Silo Llama: $169.7m
  • Silo Arbitrum: $92.9m

It’s happened lads — our first ever decline in TVL for the past 6 months.😢

Regardless, Silo Arbitrum seems to have picked up pace while Silo Legacy has remained steady despite the burning of some credit lines!

Utilization

Silo-wide total borrowed amount is $82.0m, which equates to a utilization rate of 28.8%.

This is split between:

  • Silo Legacy: $3.1m
  • Silo Llama: $48.8m
  • Silo Arbitrum: $30.1m

This is a MoM growth of 1% in total borrowed amount.

Degenerate Silo of the Month

As price action for a token improves, the amount it can borrow increases which is excellent for capital efficiency — provided there is enough $USDC.e liquidity to support it.

This is the case with the recent growth of our friends $PENDLE with deposit APR for $USDC.e currently at 16.1%.

This is a utilization rate of 90% — going to need someone to give our boys some liquidity!

Protocol Metrics

Total Revenue

Note that these are estimates based on current assets deployed, utilization, and an assumed APR.

The estimated monthly revenue for SiloDAO during January is $276.7k, which is a MoM decline of 7%.

This is split between:

Protocol Revenue

Protocol revenue refers to revenue earned from SiloDAO’s share of interest and interest earned from borrowed $XAI.

This amounted to $251.9k, a decline of 3.96% from the previous month.

Treasury Revenue

Treasury revenue refers to interest from assets deployed from the SiloDAO’s treasury.

This amounted to $24.2k which is a decline of 29.9% from the previous month.

Bollocks.

Revenue related to protocol operations is now 91.2% of total revenue which is an excellent sign.

Buybacks

Last month we conducted a record-breaking 10 (TEN) buybacks for a total amount of 1,059,901 $SILO.

This includes:

Treasury Balance

Total funds held by SiloDAO amount to $23,006,852 which can be seen here.

Farm Metrics

$SILO and $XAI have incentivized pools across Ethereum and Arbitrum including:

Ethereum

SILO/frxETH/crvUSD (Convex | Curve)

  • TVL: $365k
  • vAPR: 29.34

SILO/ETH 80:20 (Aura | Balancer)

  • TVL: $1.55m
  • vAPR: 5.78%

XAI/FRAXBP (Convex | Curve)

Arbitrum

SILO/ETH (Camelot v3 Pool)

  • TVL: $481.9k
  • APR: 43.02%

Content and Announcements

Silo enters LRTfi (aka PointsFi)

Two trends have taken the spotlight in the DeFi space in 2024:

  1. Liquid Restaking (LRT)fi: Some fancy schmancy $ETH restaking thing that your silly writer knows naught about
  2. Points: An alternative incentive system where participants receive fake internet money in lieu of fake internet money

Whatever your opinion may be of these, it is an extremely powerful narrative and Silo has just entered the fray with our brand new $weETH silo!

$weETH is wrapped $eETH, a liquid restaking $ETH derivative by ether.fi. It is kinda similar to $wstETH (and $stETH) but the underlying $ETH is used to do… something else to earn more yield.

Currently, ether.fi is running a point system where users can earn Ether points AND Eigenlayer (the platform LRTs are built on) points which you can earn via this Silo!

And if you’re in it for the yield (points, staking yield, interest, and $SILO rewards) you’d best believe you can leverage all of the above with a neatly packaged strategy that plugs into Pendle!

Incredible.

Insights and Walkthroughs

Interested in learning how Silo and lending markets work? Check these out!

Announcements

Keep in the loop with Silo’s recent developments here:

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Nutoro D. Chutoro
Silo

Written by Nutoro D. Chutoro

29 Followers
Editor for

https://twitter.com/chutoro_au