Silo Report — October ‘23
Another month.
Another all time high in Silo Finance TVL.
Greetings to our beloved readers and welcome to our October edition of the SiloDAO report. Gather around as your faithful “intern” regales you with a tale of the month’s happenings and content recaps.
Read on, people.
Market Metrics
TVL
Silo-wide TVL has grown to $197.0m which is a MoM growth of 24.2%.
This is split between:
- Silo Legacy: $30.8m
- Silo Llama: $141.9m
- Silo Arbitrum: $24.2m
Silo deployment of the month goes to Silo Arbitrum which saw TVL growth of 31.5%.
Funnily enough, this is before we begin distributing $ARB incentives from our successful STIP.
Stay tuned for more details on that!
Utilization
Silo-wide total borrowed amount is $46m, which equates to a utilization rate of 23%.
This is split between:
- Silo Legacy: $5.2m
- Silo Llama: $34.3m
- Silo Arbitrum: $6.5m
This is a MoM growth of 26% in total borrowed amount
(Yes, we changed utilization metrics to total borrowed amounts instead of utilization rates — deal with it BOZO)
Degenerate Silo of the Month
As our first returning recipient, please put your hands together for the legendary $QNT market on Silo Legacy.
Not sure what is going on in these user’s minds but deposit rates are now:
- 61.52% on $ETH deposits
- 44.28% on $XAI deposits
Keep up the great work!
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 $79.8k, which is MoM growth of 6.4%.
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 $58.5k, a growth of 33% from the previous month.
Treasury Revenue
Treasury revenue refers to interest from assets deployed from the SiloDAO’s treasury.
This amounted to $21.3k. This is a decline of 31.3% from the previous month which reflects contracting yield across the space.
While revenue growth is meager overall, it is important to note that our core model continues to not only grow but is resilient enough to offset declines in other sources.
Let’s keep up the excellent work, people.
Buybacks
Last month we conducted 3 buybacks for a total amount of 681,852 $SILO.
This includes:
Treasury Balance
Total funds held by SiloDAO amount to $20,184,320 which can be seen here.
Stablecoin holdings amount to $3,636,434.
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: $137.9k
- vAPR: 35.07%
SILO/ETH 80:20 (Aura | Balancer)
- TVL: $1.6m
- vAPR: 11.47%
- TVL: $3.2m
- vAPR: 6.64% (12.62–16.61% via Frax | Convex | Curve)
- TVL: $808.9k
- vAPR: 0.07% (proj. 9.32%)
Arbitrum
- TVL: $734k
- APR: 39.51%
Content and Announcements
Highlight 1
Last month saw one of our most exciting integrations to date — a Pendle Finance market for our very own CRV-crvUSD market on Silo Llama!
For those unfamiliar, Pendle is a yield-trading platform that gives:
- LPs access to boosted yield from trading fees and $PENDLE rewards
- Traders access to a new form of on-chain degeneracy by trading against the yield of a token
Check out our quick guide on LPing on Pendle here.
Highlight 2
Last month your favourite Silo Janitor and least favourite Business Developoor engaged in a high stakes lending battle bonanza, showcasing unique strategies to make the most of Silo.
Starting with $50k each, both parties employed various strategies to educate users on maximizing yield while engaging in safe lending practices.
Let’s take a look at their strategies.
Nutoro D. Chutoro (Greatest Ever)
Using a strategy known as recursive lending, Nutoro was able to maximize his position size to take advantage of yield differences of $USDC and $ETH across multiple Arbitrum markets.
Check out his strategy in more detail here.
Ten “Bad at Lending” “Poor” “Disgusting” Zent
Rather than starting on Silo Arbitrum, Tenzent took advantage of our FRAX/USDC Curve LP silo on Silo Legacy combined with our $crvUSD incentives in our $CRV silo on Silo Llama to be a farmooor.
This gives him multiple layers of yield from Convex AND Silo in an easy to replicate strategy.
Check his full strategy out here.
Insights and Walkthroughs
Interested in learning how Silo and lending markets work? Check these out!
- How to trade $crvUSD yield on Pendle
- Recursive lending with our beloved Janitor
- Curve LP Markets <> Silo Llama with our naughty Biz Develepooor
- Silo as a two-sided lending market (ft. $YFI)
- Maximizing Pendle yield with Equilibria
Announcements
Keep in the loop with Silo’s recent developments here:
- Aiham goes to Smartcon (and sees Sergey in the flesh!)
- Pre-borrow liquidation price simulation added to FE
- Arbitrum STIP proposal finalized
- Silo’s $crvUSD integrated with Pendle
- Arbitrum STIP passes
- Season 6 $SILO Reward Program
- Silo x Pendle ecosystem-wide implications
- Rare high quality Silo x Pendle Meme
- Season 6.5 (?) $SILO Reward Program (wen STIP)
- New $XAI Dashboard by Apostro
- $SILO rewards for veCRV/vlCVX voters via Paladin
- Deprecation of $rDPX silo
Closing Comments
That’s all for this month folks — see you next month for another update.
Warm regards,
Silo Finance
