Silo Report — November ‘23
Another month.
Another all time high in Silo Finance TVL.
At the rate things are going, we could just post the same introduction every DAO report…
No matter, welcome our beloved readers to another thrilling edition of Silo’s monthly DAO reports!
Read on, people.
Market Metrics
TVL
Silo-wide TVL has grown to $298.6m which is a MoM growth of 51.6%.
This is split between:
- Silo Legacy: $30.6m
- Silo Llama: $173.0m
- Silo Arbitrum: $95.0m
Silo deployment of the month goes to Silo Arbitrum which saw TVL growth of 292.6%.
Frankly ridiculous numbers and we are absolutely ecstatic to see traction picking up like this!
Utilization
Silo-wide total borrowed amount is $79.3m, which equates to a utilization rate of 26.6%.
This is split between:
- Silo Legacy: $4.5m
- Silo Llama: $41.4m
- Silo Arbitrum: $33.4m
This is a MoM growth of 72.4% in total borrowed amount.
Degenerate Silo of the Month
This week we break away from the mold of highlighting a silo’s degeneracy by virtue of pure APRs by giving the presitigious award to our $RDNT silo.
What’s interesting here is that high APRs are on the base asset, $RDNT, due to high borrowing demand. This is typically quite rare as most users tend to borrow either $USDC or $ETH!
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 September is $121.9k, which is MoM growth of 52.8%.
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 $93.3k, a growth of 59.5% from the previous month.
Treasury Revenue
Treasury revenue refers to interest from assets deployed from the SiloDAO’s treasury.
This amounted to $28.6k. This is an growth of 34.2% from the previous month which reflects contracting yield across the space.
Importantly, we are seeing a massive shift in share of total revenue coming from the borrowing activity — this accounts for 76.5% of total revenue!
Buybacks
Last month we conducted 2 buybacks for a total amount of 306,845 $SILO.
This includes:
Treasury Balance
Total funds held by SiloDAO amount to $24,305,175 which can be seen here.
Stablecoin holdings amount to $3,420,323.
Farm Metrics
$SILO and $XAI have incentivized pools across Ethereum and Arbitrum on Balancer/Aura, Camelot, and Curve/Convex.
The current APY is as follows:
Ethereum
SILO/frxETH/crvUSD (Convex | Curve)
- TVL: $220.0k
- vAPR: 76.33%
SILO/ETH 80:20 (Aura | Balancer)
- TVL: $2.0m
- vAPR: 5.20%
- TVL: $3.8m
- vAPR: 8.69% (16.15–21.12% via Frax | Convex | Curve)
Arbitrum
- TVL: $521.7k
- APR: 172.55%
Content and Announcements
Highlight 1
There is nothing better in life than seeing great protocols working together and seeing Pendle’s recent listing of our sUSDC-ARB is true testament to this.
While APRs have since settled, the important thing is Pendle has brought us deep liquidity for our borrowers while giving their users access to yield-trading.
A partnership for the history books!
Highlight 2
The STIP has been a truly momentous occasion for Arbitrum and has allowed the various protocols to showcase their use cases to the masses.
With the Arbitrum Frontier campaign, we are able to celebrate all that The Great Blue Chain has done for us while educating our users!
Insights and Walkthroughs
Interested in learning how Silo and lending markets work? Check these out!
- crvUSD → YFI <> sdYFI via StakeDAO
- Looping $wstETH staking yield
- $USDC yield arbitrage
- Delta-neutral $USDC farming via Pendle
- Delta-neutral BOOSTED $USDC farming via Pendle x Penpie
- Silo Arbitrum as 3-sided lending markets
- Delta-neutral $USDC farming via Gains
- Delta-neutral $PENDLE farming via Pendle
- Leveraged $ARB farming via GMX
Announcements
Keep in the loop with Silo’s recent developments here:
- Silo breaks 200m TVL
- Migration of SILO/ETH incentives to Camelot v3 via Gamma
- Silo Observer gets an overhaul (credits to Jay for his help)
- $ARB STIP incentives live
- New silos: $GRAIL, $PENDLE, $JOE, $PLS
- New silo: $UwU
- Silo breaks 300m TVL
- $ARB STIP incentives to SILO/ETH on Camelot live
- New $CRV incentives to $YFI and $LINK silo
- Bi-weekly STIP Update #1
- $CRV incentives to $CRV silo topped up
- Silo joins the Arbitrum Frontier
- New silo: $RDNT
- New Silo | Pendle Pool: sUSDC-ARB
- Silo gets integrated on Beefy
Closing Coments
That’s all for this month folks — see you next time for another update.
Warm regards,
Silo Finance
