GM friends, and welcome to another month on the beautiful green pastures of the SiloDAO.
It has been an exciting few weeks, with our holy trifecta of Arbitrum STIP-b, Optimism Phase 1 Rewards, and SuperFest all running concurrently — excellent yield opportunities for those daring enough to try.
This month, we will start off with some administrative updates before proceeding with our standard protocol metrics.
Administrative Updates
Silo v2
The second round of audit reviews concluded last month, and our developers are now reviewing them. Some of these changes required redesigning and refactoring to address the underlying cause properly.
Currently, the team is finalizing the new design, undergoing testing, and conducting formal verification to ensure Silo v2 meets the stringent security standards expected by the community and the Silo core team.
For those after a timeline, Silo v2 is scheduled for Q4 release. While this does exceed original estimates, understand that in any trade-off between speed and security, we always remain committed to security first.
veSILO
veSILO is built on Chainlink’s CCIP, a cross-chain interoperability protocol. We have begun testing veSILO’s core features, including:
- veBoost
- SILO cross-chain bridging
- Governance
Additional features will continue to be tested, as discussed here.
Silo Ethereum
Silo Ethereum just launched as a new deployment of the Silo Protocol with ETH and USDC as bridge assets.
The following markets are currently supported:
- PT-sUSDe
- PT-eETH
- PT-ezETH
- PT-pufETH
- weETH
- ezETH
Upcoming Markets
In line with our aims to increase lending accessibility to all users, we plan on launching multiple new markets shortly, including:
- wUSDM (Optimism)
- wUSD+ (Arbitrum)
- uniETH (Arbitrum)
- GYD (Arbitrum)
This is NOT an exhaustive list —expect a few more markets to sneak in during the month.
Market Metrics
TVL
Silo-wide TVL is currently $132.4m.
This is split between:
- Silo Mainnet: $12.5m
- Silo Arbitrum: $85.8m
- Silo Optimism: $34.1m
Silo Ethereum, Legacy, and Llama have been consolidated as Silo Mainnet.
Utilization
The silo-wide total borrowed amount is currently $44.4m, which equates to a utilization rate of 33.5%.
This is split between:
- Silo Mainnet: $3.4m
- Silo Arbitrum: $34.0m
- Silo Optimism: $8.0m
Protocol Metrics
Revenue
$64,049 in revenue was earned during July [Ref].
Buybacks
242,830 $SILO was bought back in July [Ref].
Treasury Balance
The SiloDAO treasury held $22M on 31 July [Ref].
Content Releases
Announcements
- ezETH now borrowable
- New STIP-b incentives
- SuperFest — 60k in OP Rewards
- Silo Intern Strategies TG Channel
- ezETH Growth Highlight (Silo Optimism)
- FXS rewards to sfrxETH depositors (Silo Optimism)
- Max Leverage APR (LST, LRTs, and PT-LRTs)
- SuperFest 2 Week Growth Highlight
Intern Strategies
The sexiest intern in the world provides some NFA strategies for Silo users.
- 54% APR on USD exposure (cash-and-carry arbitrage)
- 26% APR on ETH (ezETH/ETH reverse loop)
- 60% APR on sUSD (sUSD/USDC standard loop)
- 25% APR on USDC.e (delta-neutral GNS staking)
- 51% APR on USDC (sUSD/USDC reverse loop)
Intern Explainoooors
Intern explains how some novel lending tingz work at a basic level:
- Identifying a Yield Strategy
- Hedging rate risk with Pendle YTs
- Yield arbitrage w/ new Arbitrum STIP-b incentives
- 4.4x more yield via Silo x Pendle x Equilibria
- Understanding API3’s OEV Oracle integration
- Reverse looping to capitalize on LRT/LST >> ETH borrowing demand
