Greetings, friends, and welcome to the SiloDAO report for the beautiful month of May. Before diving into our usual antics, we will present some IMPORTANT protocol updates!
Important Updates
Optimism Grant
Super shadowy business development and shoulder-rubbing have been conducted to secure a $250k OP grant from the Optimism Foundation.
Indeed, this does mean that the Silo Protocol will have a brand new deployment for all our optimistic friends.
Wen, you ask?
Legend has it (i.e., Aiham DMed me and said not to share) that early June 2024 is targeted, so if it’s not… don’t look at me!
Arbitrum STIP Bridge Grant
Silo has secured the STIP Bridge grant, an extension of the largely successful STIP grant that allowed us to grow to the second-largest lending market on Arbitrum!
Source: DeFi Llama
This time we will be receiving 500k $ARB to distribute across Silo Arbitrum markets — see our provisional allocations here.
Silo v2 Progress Report
The Silo v2 codebase is currently under a second round of review by Certora, which includes updated fixes and formal verification testing. This is expected to be completed in ~3 weeks.
An additional external security review is scheduled to begin on July 7th. Closed beta testing for Silo v2 will also be occurring concurrently.
We are nearly there, brethren.
Intern is placed on a watch list
I…
Market Metrics
Phew, enough of that boring stuff why don’t we talk about some riveting market metrics instead haHA!
TVL
Silo-wide TVL is currently $225.1m.
This is split between:
- Silo Legacy: $20.5m
- Silo Llama: $63.4m
- Silo Arbitrum: $141.0m
Absolutely exceptional.
Utilization
Silo-wide total borrowed amount is currently $72.2m, which equates to a utilization rate of 32.1%.
This is split between:
- Silo Legacy: $5.8m
- Silo Llama: $17.7m
- Silo Arbitrum: $48.6m
Splendid work, gentlemen.
Protocol Metrics
Revenue
These are based on claimed revenue til the 23rd of the month.
Revenue for the beautiful month of May is $256.6k
Buybacks
1,617,526 $SILO (~$100k) were bought back during May.
View our DCAooor contract here.
Treasury Balance
The total funds held by SiloDAO amount to $23,847,307, as can be seen here.
Content Releases
Announcements
- Front-end updates by our lovely Code Monkeys
- xGRAIL co-incentives to $GRAIL silo
- $SILO incentives to $tBTC silo
- Tenzent chats with the Beefy Boys
- Silo secures Optimism grant
- Aiham and Tenzent attend Consensys
Walkthroughs
The sexiest intern in the world provides some NFA strategies for Silo users.
- Hedging borrowing costs with Pendle
- Neutral-ish LP farming with GammaSwap
- Neutral-ish $PENDLE farming with Penpie
- Hedging borrowing costs with Pendle v2 (running low on content boys)
- Leveraged ezETH repeg
- Being flexible with strategizing
New Markets
- PT-eETH | June 27 (Legacy)
- PT-USDe | August 29 (Arbitrum)
- tBTC (Arbitrum)
- PT-ezETH | December 26 (Legacy)
