Yield Guild Games: Asset & Treasury Report — July 2021
Loaning under-utilized income-generating NFT assets to people who are otherwise unable to access them is core to Yield Guild Game’s business model. In July 2021, in addition to concluding a successful US$12.49M public sale of YGG tokens via MISO on SushiSwap, the guild saw record growth in the number of new scholars onboarded and resulting SLP earned, demonstrating how the YGG DAO is both profitable and social impact focused.
In July 2021, following an intensive period of Axie breeding, YGG was able to onboard more scholars than ever before. With 2,058 new players joining during the month of July, YGG more than doubled the number of scholars under its management, bringing the total count to 4,004. At the time of writing this article, less than halfway into August, the cohort has expanded again, to represent over 4,600 YGG scholars from the Philippines, Indonesia, India, Venezuela, Peru, and Brazil.
YGG scholars generated over 11,770,302 SLP in July, which is the equivalent of US$3.259M in direct revenue and the highest monthly earnings received by YGG thus far. The total number of SLP earned by YGG scholars from the beginnings of the program in April 2021, up to the end of July, was 31.9M (US$8.933M) as a cumulative figure.
Of the SLP earned, 70% is paid to the players, with US$2.3M earned by YGG scholars in July. A further US$659,000 was earned by their Community Managers, who are responsible for recruiting new scholars and providing training to improve their skill. For their efforts, Community Managers earn a 20% cut of the total SLP earned.
Over the last four months, YGG scholars and Community Managers have earned a total US$5,238,669.
The remaining 10% of SLP earned is retained by YGG. In July, YGG received revenues of 1.117M SLP, representing US$329,568. Cumulatively, that figure amounts to 3.119M SLP or US$582,784 since April. To put this into perspective, in July alone, YGG spent three times that cumulative figure on breeding costs to support the exponential demand for scholarships across the globe.
This demand for scholarships is also reflected in the growth of the YGG community which had more than 38,000 members in Discord at the end of July, up 95% from June.
Public Sale and Token Price
On 27 July 2021, YGG conducted a public sale of 25M YGG tokens (2.5% of total supply) as a MISO offering on the SushiSwap platform. The public sale raised US$12.49M for the treasury.
Within 26 hours, YGG was listed on SushiSwap with many of the public sale participants and early investors putting up large amounts of YGG and ETH to ensure a sizable liquidity pool to ensure availability and stability.
The price opened at US$1.89 upon listing, dropping to a low of US$0.977 within 12 hours, before crossing US$2.00 for the first time within the first 36 hours of trading. Within 72 hours of launch, the token marked a new all-time high at $3.06 on 31 July.
Since then, in early August, the value of YGG has stabilized to range between US$2.00 and US$2.50 with the exception of a few hours on 4 August where it dipped as low as US$1.78 before promptly returning above US$2.00. Based on the YGG token price at 31 July 2021, the YGG circulating market cap was US$246M with a fully diluted market cap of US$2.8B.
Treasury and Tokens
The public sale saw a transfer of 133,333,334 YGG tokens added to the treasury. These tokens were valued at US$2.80 on 28 July for reporting based on figures provided by CoinGecko, thus adding US$373M in YGG tokens to the treasury. Whilst there are no vesting or lockup conditions on these tokens, they have been specifically set aside for long-term management of the DAO and future fundraising.
The total value of the treasury as of the end of July stood at US$415,953,050. In addition to the very substantial YGG token holdings, this figure was made up of liquid tokens, locked DeFi tokens and NFT assets.
YGG currently holds substantial positions in the following tokens:
Full token holdings can be reviewed wallet by wallet at the bottom of this post.
There was a substantial increase in expenses during July, mainly due to an intense focus on breeding Axies at a cost of US$1.62M — more than double the total expenses reported during any other single month. This can be seen in the increase in the number of Axies bred by the treasury but is also reflective of the higher price of AXS and SLP, the two ERC-20 tokens that fund the breeding process.
YGG currently has a diversified portfolio of assets earning yield across a range of protocols. SushiSwap, Yearn and Aave represent the majority of this activity, with the total amount locked in yield farming over US$1.09M at the end of July with US$532,000 locked in yUSD/ETH on SushiSwap, US$433,000 in yUSD Cream on Yearn Finance, and US$131,400 in wMATIC on Aave.
In addition to these core DeFi holdings, you can investigate YGG’s various smaller holdings across the following wallets:
The following outlines the range and estimated market value for the NFTs owned by YGG. These NFTs are held across 13 different wallets and will be used at various stages by YGG scholars and SubDAOs to generate revenue.
As part of YGG’s long-term vision for the play-to-earn ecosystem, YGG will take early-stage investments in the games, platforms, and protocols that show promise in building out a robust ecosystem. To date those investments have included:
A full list of YGG wallets can be seen below with links to various explorers, each with their own functionality.
- 0xe30ED74c6633a1B0D34a71c50889f9F0fDb7D68A — Etherscan
- 0xF0103243F4d22B5696588646b21313d85916A16A — Etherscan
- 0x16b281438C5984A46D94acc6C4b31e252A03DFCf — Etherscan
- 0x2662A2d03695C80ca3C5645cbC2E7547842dA6bC — Etherscan
- 0x1af5478e25BC877d27f794962696211eac474FcE — Opensea
- 0x12eca18aac6db2470e000c0688cf11b9d8ea1d31 — Etherscan
- 0xcafeacdadd29f55ce935492e20f1f982df3fb51d — Etherscan
- ronin:4b18cebeb9797ea594b5977109cc07b21c37e8c3 — Ronin
- 0x6e7f09aa3d151b932de2e7846e8341902d0fbeef — Opensea
- 0xf6dcc7aed1efecee267542e26be742b7f8f095ff — Opensea
- 0x23eb4e02c29e69452718cd5caf2255488bc7ce3a — Opensea
- 0xdae36002431aa9394be363d3d43fbdb6de6af7cc — Polyscan