Silo Report — September ‘23
Greetings my beloved readers and welcome to another red hot SiloDAO Monthly Report.
As we break ATH after ATH in protocol metrics, there is so much to be excited for at everyone’s favourite risk-isolated lending protocol.
Before we dig into the happenings of the month, I want to bring your attention to our application for the Arbitrum STIP where we are applying for a 1m $ARB grant for Arbitrum incentives.
Every bit of feedback counts!
Putting that aside, let’s so-called “dig” “in” to our September statistics.
Market Metrics
TVL
Silo-wide TVL has grown to $158.6m which is a MoM growth of 62.8%.
This is split between:
- Silo Legacy: $29.5m
- Silo Llama: $110.6m
- Silo Arbitrum: $18.4m
Silo Llama is once again leading the charge with growth MoM growth of 124.8%.
With our new Season 5 of Silo Incentives, Silo Arbitrum also had excellent MoM growth of 17.9%.
Utilization
Silo-wide utilization remains relatively stable with utilization of 22% (MoM growth of 1% overall).
This is split between:
- Silo Legacy: 16%
- Silo Llama: 22%
- Silo Arbitrum: 27%
Notably, while utilization rates are stable, since TVL is up borrowing activity has actually increased by significantly!
Degenerate Silo of the Month
In a minor lapse from the 4-figure APRs seen last month, the prestigious Degenerate Silo of the Month award goes to none other than the $ARB silo.
With our new dual lending/borrowing incentives, our $USDC lenders are earning 10% Total APR on their deposits.
Interestingly enough, our borrowers pay a net APR of just 0.9% on borrowing $USDC.
Incredible stuff!
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 $75.0k, which is MoM growth of 58.3%.
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 $44.0k.
Treasury Revenue
Treasury revenue refers to interest from assets deployed from the SiloDAO’s treasury.
This amounted to $31.0k
Buybacks
Last month we conducted 3 buybacks for a total amount of 838,477 $SILO.
This includes:
Treasury Balance
Total funds held by SiloDAO amount to $20,760,144 which can be seen here.
Stablecoin holdings amount to $3,528,000.
Farm Metrics
$SILO and $XAI have incentivized pools across Ethereum and Arbitrum across various different protocols.
Current available farms include:
Ethereum
SILO/frxETH/crvUSD (Convex | Curve)
- TVL: $80k
- vAPR: 105.03%
SILO/ETH 80:20 (Aura | Balancer)
- TVL: $1.47m
- vAPR: 11.15%
- TVL: $3.2m
- vAPR: 6.58% (13.3–17.6% via Frax | Convex | Curve)
- TVL: $830k
- vAPR: 9.99%
Arbitrum
- TVL: $729k
- APR: 39.35%
Content and Announcements
Highlights
Last month our beloved intern gave an absolute midwit’s explanation of how risk-isolation works for Silo and why it is our defining feature which sets us apart from our competitors.
It’s pitched for dummies…
It’s got pretty pictures…
But most importantly it has highly valuable information on how to protect yourself as a DeFi lender!
Check it out here.
Insights and Walkthroughs
Interested in learning how Silo and lending markets work? Check these out!
- Using the $USDC silo to farm $crvUSD
- Farming rewards on SIlo
- New UI Update Walkthrough
- The Importance of Oracles:
- Planning a Borrow Position
- Farming rewards using $YFI on Silo Llama
- Silo for Dummies: Risk Isolation
- Staking your Camelot SILO-ETH into the Nitro Pool
- Farming asdCRV using $crvUSD on Silo Llama:
Announcements
Keep in the loop with Silo’s recent developments here:
- Doubling of $CRV incentives to $CRV silo
- Silo Dashboard update on Apostro
- Silo breaks 100m TVL
- New crvUSD/XAI Curve Pool
- Get your very own Silo Egg-Head
- TriSILO Gauge vote passes Curve Governance
- $SILO Reward Program Season 5
- Graph Protocol Subgraph Update
- Arbitrum STIP Announcement (since updated to incentivize users only):
- $SILO Reward Program Season 5 performance review
- TriSILO Curve Pool Vote-to-Earn via Paladin
- Silo Farms Opportunities Highlight
- Camelot Nitro Pool Migration
Closing Comments
That’s all for this month folks — see you next month for another update.
Warm regards,
Silo Finance
