Comptroller

[pazza83]

Comptroller

This Comptroller role has been created following the proposal https://github.com/bisq-network/proposals/issues/340

As per the roles wiki I will outline the key aspects of the role to:

• To maximize role owner autonomy in order to achieve Bisq's decentralization goals
• To maximize transparency so that DAO stakeholders can effectively review and vote on role owner compensation requests

Objectives of the comptroller role

To make it easy for Bisq contributors and stakeholders to access brief monthly reports that give a snapshot as to how Bisq is performing in terms of profit / loss ie, is Bisq earning more in trade fees that it is spending (both in terms of USD and BTC).

This would have a positive impact on making it:

• Easier to ascertain progress
• Easier to make real-time decisions on budgets and what resources are available
• Be better able to see the impact of work done to the success of Bisq
• Easier to use as starting point for any future audit (to validate financials)

Duties

The following are the Comptroller duties:

To report monthly on the following:

Month	USD	BTC	BSQ
Volume	XXX	XXX	XXX
Revenue	XXX	XXX	XXX
- BSQ trade fees	XXX	XXX	XXX
- BTC trade fees	XXX	XXX	XXX
- Arbitration fees	XXX	XXX	XXX
Compensation	(XXX)	(XXX)	(XXX)
Net Profit (Loss)	XXX	XXX	XXX

To report monthly on the what percentage of fees paid were paid in BSQ.

Rights

None

Owners

N/A

Team

@bisq-network/support

Reporting

I will provide monthly reports underneath this role. As the reports are provided for each calendar month there may be cycles that do not have reports provided.

A annual report similar will also be provided at the start of each fiscal year to report on the previous fiscal year. I will include a summary of observations alongside the report.

Bonding

None as this role is not vital to Bisq operations, nor is any special permissions required.

Compensation

The following compensation will be requested for the role:

Amount	Duty
$75 USD	Monthly report
$150 USD	Annual report

Limitations

Some elements lie outside the scope of this role. Specifically auditing the financials. More more information please see comments on the original proposal: https://github.com/bisq-network/proposals/issues/340

Wiki

A wiki will be created for the role in the future and linked here.

Tagging in @cbeams in case I have missed anything

[pazza83]

Profit and loss - August 2021

This is my first cycle as for the Comptroller role.

Please see below the report for August 2021 (which coincides with cycle 27):

August 2021	USD	BTC	BSQ
Volume	6,527,571	143.0199	4,157,688
Revenue	38,358	0.84043077	24,440.29
- BSQ trade fees	8,562	0.18759448	5,461.81
- BTC trade fees	29,313	0.6422537	18,670
- Arbitration fees	483	0.01058259	307.64
Compensation	(17,351)	(0.38015315)	(11,051.32)
Net Profit (Loss)	21,006	0.46024407	13,379

Percentage of fees paid in BSQ in August 2021 was: 22.61%

Total fees paid as a percentage of revenue: 0.58%

I will maintain a link to the spreadsheet I used with comments on the individual line items.

Summary

I have previously reported on the profit and loss for the fiscal year 2020/21 ($51,997 for the whole year), and for July 2021 ($5,325).

Although this is my first cycle as the Comptroller a profit of $21,006 is a significant increase in profits when compared to the previous figures. I think it is likely this is the most profitable month to date excluding April 2021 when BTC prices and trade volumes and maybe September 2021 that I have yet to calculate (although contributor costs were higher).

The only anomaly with the figures is cycle 27 had low contributor costs.

If anyone has any comments, questions or suggestions please let me know.

[cbeams]

Great to see this come together @pazza83.

A few items of feedback, in no particular order:

• I would, in principle, see this as an @bisq-network/admin role as opposed to @bisq-network/support, but for practical purposes, I agree it should be managed under support. @leo816, are you OK with reviewing and approving @pazza83's compensation requests relating to this role?

• The compensation amount requested looks reasonable to me. Certainly worth it to have ongoing profit and loss numbers.

• I like the simple breakdown of numbers you've started with here. I think it would be worth having a single rolled up, USD denominated revenue number that sums up the BSQ and BTC revenue numbers above, but this is a minor point.

• It would be good to see the actual BSQ number in the BSQ trade revenue fees line item. Same with contributor costs. Since these are actually denominated in BSQ, it would be good to see a third column "BSQ" that lists these values. Perhaps you could bold the values for each row that represent the original denomination.

• the link to the spreadsheet above is broken.

• In the table above, ((BSQ trade revenue fees + BTC trade revenue fees) - Contributor costs) = Net Profit (Loss), but the actual values in the table do not add up. (($8,562+$35,096) - $17,351) = $26,307, but the total listed above is $26,790. This is a minor discrepancy, but it makes me wonder what's missing from the table and/or spreadsheet that led to this.

In any case, I think this is a good start, and if all we do with this role is apply the same methodology to produce the same set of numbers every month, that'll already be a massive improvement. Thanks for taking it on @pazza83.

[pazza83]

Hi @cbeams

Many thanks for the feedback. I have updated the report to include your feedback.

• I would, in principle, see this as an @bisq-network/admin role as opposed to @bisq-network/support, but for practical purposes, I agree it should be managed under support. @leo816, are you OK with reviewing and approving @pazza83's compensation requests relating to this role?

Yes, agreed. @leo816 asked me to list under support.

• I like the simple breakdown of numbers you've started with here. I think it would be worth having a single rolled up, USD denominated revenue number that sums up the BSQ and BTC revenue numbers above, but this is a minor point.

I am not sure what you mean with this? Can you expand?

• It would be good to see the actual BSQ number in the BSQ trade revenue fees line item. Same with contributor costs. Since these are actually denominated in BSQ, it would be good to see a third column "BSQ" that lists these values. Perhaps you could bold the values for each row that represent the original denomination.

Included, and updated.

• the link to the spreadsheet above is broken.

Fixed

• In the table above, ((BSQ trade revenue fees + BTC trade revenue fees) - Contributor costs) = Net Profit (Loss), but the actual values in the table do not add up. (($8,562+$35,096) - $17,351) = $26,307, but the total listed above is $26,790. This is a minor discrepancy, but it makes me wonder what's missing from the table and/or spreadsheet that led to this.

The prior table did not include the $483 income from for the DAO received from arbitration fees as a line item. I have included it now and it all balances.

($8,562+$35,096+$483) - $17,351) = $26,790

[cbeams]

• I like the simple breakdown of numbers you've started with here. I think it would be worth having a single rolled up, USD denominated revenue number that sums up the BSQ and BTC revenue numbers above, but this is a minor point.

I am not sure what you mean with this? Can you expand?

I just mean that when a reader sees the two line items below:

August 2021	USD	BTC	BSQ
BSQ trade revenue fees	$8,562	0.18759448 BTC	546.81 BSQ
BTC trade revenue fees	$35,096	0.76895773 BTC	N/A

They must mentally add up the items to get a "rolled up revenue number", making it hard to answer the basic question "how much did we take in this month?".

I think it's good to see a single, top-line revenue number, denominated in USD, but it can have the calculated BTC and BSQ equivalents right next to it, just for reference.

Basically, it's this top-line revenue number that I would want to track over time. Is that number going up or down, cycle-over-cycle?

Being able to break the top-line revenue number down into BTC and BSQ parts is of course important information too, but I wouldn't want to miss making the top line number explicit and easily trackable.

• It would be good to see the actual BSQ number in the BSQ trade revenue fees line item. Same with contributor costs. Since these are actually denominated in BSQ, it would be good to see a third column "BSQ" that lists these values. Perhaps you could bold the values for each row that represent the original denomination.

Included, and updated.

Thanks for adding the BSQ column. Instead of putting 'N/A' in the "BTC trade fee revenues" row, however, I'd suggest putting the calculated equivalent BSQ number there too. Just like we do in the other rows with calculated BTC and USD values.

[pazza83]

I have made the above changes and added a few heading to try and make things clearer.

Might also be good to see if I can breakdown trade volume into; Fiat, XMR, other altcoins. I will see if I can do this for the next cycle.

[cbeams]

I have made the above changes and added a few heading to try and make things clearer.

The updated report looks great now, IMO. Really gives the at-a-glance overview I think we're all wanting. Will be great to see the trendlines in the reported numbers over time. Thanks!

Here are a few tweaks I'd suggest to tighten up the presentation:

Before

August 2021	USD	BTC	BSQ
Trade volume
Trade volume	$6,527,571	143.0199 BTC	4,157,688 BSQ
Revenue
Total revenue fees	$43,658	0.9671348 BTC	28,115.28 BSQ
- Trade revenue fees from BSQ	$8,562	0.18759448 BTC	5,461.81 BSQ
- Trade revenue fees from BTC	$35,096	0.76895773 BTC	22,354.14 BSQ
- Arbitration fees	$483	0.01058259 BTC	307.64 BSQ
Expenses
Contributor costs	$17,351	0.38015315 BTC	11,051.32 BSQ
P&L
Net Profit (Loss)	$26,790	0.58697158 BTC	17,063.69 BSQ

After

August 2021	USD	BTC	BSQ
Volume	6,527,571	143.0199	4,157,688
Revenue	43,658	0.9671348	28,115.28
- BSQ trading fees	8,562	0.18759448	5,461.81
- BTC trading fees	35,096	0.76895773	22,354.14
- Arbitration fees	483	0.01058259	307.64
Compensation	(17,351)	(0.38015315)	(11,051.32)
Net Profit (Loss)	26,790	0.58697158	17,063.69

[pazza83]

Thanks, I will use your example as the template for the reports. I have used the template to update the role summary and August's report.

[pazza83]

Profit and loss - September 2021

This is my second cycle as for the Comptroller role.

Please see below the report for September 2021 (which coincides with cycle 28):

September 2021	USD	BTC	BSQ
Volume	8,838,387	187.3413	5,996,598
Revenue	58,946	1.25615003	40,523
- BSQ trade fees	12,873	0.27286023	8,734
- BTC trade fees	45,408	0.9624898	30,808
- Arbitration fees	665	0.0208	981
Compensation	(34,905)	(0.73985668)	(23,682)
Net Profit (Loss)	24,357	0.51627877	16,525

Percentage of fees paid in BSQ in September 2021 was: 22.09%

Total fees paid as a percentage of revenue was: 0.66%

Link to the spreadsheet I used with comments on the individual line items.

Summary

The profit for September 2021 is roughly the same as August 2021. Trade volume was up in September but as were contributor costs.

There are no anomalies to report.

I have still to complete a review of the data pulled from exporting Bisq associated BTC wallet transactions: https://github.com/bisq-network/bisq/issues/5762

If anyone has any comments, questions or suggestions please let me know.

[ripcurlx]

Please see below the report for September 2021 (which coincides with cycle 28):

Is this exactly the same timeframe as Cycle 28 or just roughly? Looking at https://bisq.network/dashboard/cycle-28/, there is a different amount e.g. for the BSQ trade fees: 8840 instead of 8374.

[pazza83]

Hi @ripcurlx for the reports I use calendar months as opposed to DAO cycles.

This report is for 1st September - 30th September 2021.

Cycle 28 ran from 29th August - 29th September.

[pazza83]

Profit and loss - October 2021

This is my third cycle as for the Comptroller role.

Please see below the report for October 2021 (which coincides with cycle 29):

October 2021	USD	BTC	BSQ
Volume	12,896,781	213.6731	6,973,008
Revenue	85,747	1.41182456	46,361
- BSQ trade fees	20,276	0.33592895	10,963
- BTC trade fees	64,418	1.05844561	34,829
- Arbitration fees	1,053	0.01745	569
Compensation	(23,090)	(0.38255078)	(12,484)
Net Profit (Loss)	62,657	1.0380893	33,877

Percentage of fees paid in BSQ in October 2021 was: 32.38% this is up from September's 23.94%.

Total fees paid as a percentage of revenue was: 0.66%

Link to the spreadsheet I used with comments on the individual line items.

Summary

The profit for October 2021 is roughly double that of September 2021. This is because:

• Trade volume increase
• BTC price increased
• Contributor costs were lower than usual

October 2021 shows a very positive increase in all trading metrics.

There are no anomalies to report.

If anyone has any comments, questions or suggestions please let me know.

[pazza83]

Profit and loss - November 2021

Please see below the report for November 2021 (which coincides with cycle 30):

November 2021	USD	BTC	BSQ
Volume	12,576,491	199.23469978	6,595,600
Revenue	89,512	1.41803696	46,943
- BSQ trade fees	20,873	0.33066666	10,947
- BTC trade fees	66,139	1.0477703	34,685
- Arbitration fees	2,500	0.0396	1,311
Compensation	(55,468)	(0.87871491)	(29,090)
Net Profit (Loss)	34,043	0.53930359	17,853

Percentage of fees paid in BSQ in November 2021 was: 35.46% this is up from October's 23.99%.

Total fees paid as a percentage of revenue was: 0.69%

Link to the spreadsheet I used with comments on the individual line items.

Summary

The profit for November 2021 is roughly half of that for October 2021. This is because revenue stayed roughly the same but contributor costs doubled (I think October was a low month for contributor costs).

There are no anomalies to report.

If anyone has any comments, questions or suggestions please let me know.

[pazza83]

Profit and loss - December 2021

I am posting two reports this month so that going forward the figures should be the preceding month. This should give more up-to-date information.

Here is the report for December 2021 (which coincides with cycle 31):

December 2021	USD	BTC	BSQ
Volume	12,605,326	245.49772134	8,038,598
Revenue	76,780	1.49535389	48,963
- BSQ trade fees	26,011	0.50658279	16,588
- BTC trade fees	49,873	0.9713211	31,804
- Arbitration fees	896	0.01745	571
Compensation	(79,587)	(1.55001363)	(50,754)
Net Profit (Loss)	(2,807)	(0.05466832)	(1,790)

Percentage of fees paid in BSQ in December 2021 was: 34.27%.

Total fees paid as a percentage of revenue was: 0.6%

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a small loss of approximately $2,807. Revenue stayed roughly the same but contributor increased by ~ $20,000 (December's contributor costs were higher than usual due to work being complete for large projects such as BSQ Swaps).

There are no anomalies to report.

If anyone has any comments, questions or suggestions please let me know.

[cbeams]

So great to see these reports, @pazza83, thanks. Interesting to see how consistent the USD volume / revenue numbers have been over the last several months. Exciting to see that users are trading on the order of a half a million USD of bitcoin every day now (420k/day to be exact 😉).

[pazza83]

Profit and loss - January 2022

Here is the report for January 2022 (which coincides with cycle 32):

January 2022	USD	BTC	BSQ
Volume	9,981,833	236.0418	8,082,455
Revenue	68,467	1.5701381	55,407
- BSQ trade fees	15,706	1.61907949	12,711
- BTC trade fees	50,511	1.1944739	40,876
- Arbitration fees	2,250	0.0532	1,820
Compensation	(37,963)	(0.89772512)	(30,722)
Net Profit (Loss)	30,504	0.72133938	24,685

Percentage of fees paid in BSQ in January 2022 was: 23.72%.

Total fees paid as a percentage of revenue was: 0.66%

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $30,504. Revenue dropped slightly but contributor costs were down were 50% lower than last month, returning to a more usual level.

There are no anomalies to report.

I am going to try and release a report as soon as possible after each cycle to keep reports as current as possible.

If anyone has any comments, questions or suggestions please let me know.

[cbeams]

I am going to try and release a report as soon as possible after each cycle to keep reports as current as possible.

Great. I noticed that this one came out faster than last month's. Thanks!

If anyone has any comments, questions or suggestions please let me know.

I notice that what I've started to do every cycle as these reports come out, is to compare the current numbers with the previous cycles' numbers. I bring up a few separate browser windows side-by-side and visually compare the numbers to try to get a sense of how things are trending. I'm trying to get a bigger picture view with regard to history and change over time. A chart would help.

With the reports you've been putting together so far, we finally know the state of the DAO's financials after any given cycle. That's excellent. With these data in hand, we can start plotting them to see trends and get an even better sense of how things are going.

I don't have a particular prescription for how to do such charting, whether it's a single chart, multiple charts, etc, but at a high level, I'd like to see the information in the reports above overlaid with the following additional information:

• Number of trades, a la the chart we saw here: https://twitter.com/bisq_network/status/1482004388382076930
• BSQ supply, a la the chart at https://bisq.network/dashboard/, possibly with BSQ earned & burned data points broken out into their own plots

Seeing trade volume, trade count, revenue and BSQ supply numbers plotted together over time would, I think, open up new levels of insight and intuition about the state of the DAO and the project overall. @pazza83, it seems to me that these are all data we have on hand and it would "just" be about plotting them out and, say, adding a screenshot of and link to that plot in the monthly cycle reports here. I don't want to trivialize the effort that might require, but it seems at least doable. Do you agree? Would others find this valuable? Anyone have anything to add or change about what I've suggested above?

[cbeams]

... and I'd also add the 30-day volume-weighted average BSQ/USD price to the list of data points above, as found in the app at DAO > Facts & Figures > Dashboard.

[pazza83]

I notice that what I've started to do every cycle as these reports come out, is to compare the current numbers with the previous cycles' numbers. I bring up a few separate browser windows side-by-side and visually compare the numbers to try to get a sense of how things are trending. I'm trying to get a bigger picture view with regard to history and change over time. A chart would help.

Yes, agreed.

Next month I will propose to complete the reports for:

• April 2021
• May 2021
• June 2021
• July 2021

This will then mean for the current fiscal year all monthly reports will have been completed.

Once I have this data I will look at putting it into table and then charting the values.

With the reports you've been putting together so far, we finally know the state of the DAO's financials after any given cycle. That's excellent. With these data in hand, we can start plotting them to see trends and get an even better sense of how things are going.

Yes, I think it the reports will be useful for decision making.

I don't have a particular prescription for how to do such charting, whether it's a single chart, multiple charts, etc, but at a high level, I'd like to see the information in the reports above overlaid with the following additional information:

• Number of trades, a la the chart we saw here: https://twitter.com/bisq_network/status/1482004388382076930
• BSQ supply, a la the chart at https://bisq.network/dashboard/, possibly with BSQ earned & burned data points broken out into their own plots

Seeing trade volume, trade count, revenue and BSQ supply numbers plotted together over time would, I think, open up new levels of insight and intuition about the state of the DAO and the project overall. @pazza83, it seems to me that these are all data we have on hand and it would "just" be about plotting them out and, say, adding a screenshot of and link to that plot in the monthly cycle reports here. I don't want to trivialize the effort that might require, but it seems at least doable. Do you agree? Would others find this valuable? Anyone have anything to add or change about what I've suggested above?

Yes , agreed it would be beneficial to have all the data in one chart with ability to toggle on/off the data one requires.

I have no experience of creating charts though so will take it one step at a time. Initially I will likely tabulate the data and then next step work out how best to present it.

In the long-term I think it be useful for the data to all be contained in one place rather than spread between reports here, https://bisq.network/dashboard/ and the DAO section in Bisq.

[pazza83]

... and I'd also add the 30-day volume-weighted average BSQ/USD price to the list of data points above, as found in the app at DAO > Facts & Figures > Dashboard.

Currently for the BSQ calculation I am using the average monthly BSQ/USD price taken from the chart in the DAO:

Not sure if this is weighted or not? Assuming it is?

[cbeams]

All the above sounds good, @pazza83, thanks.

I have no experience of creating charts though so will take it one step at a time. Initially I will likely tabulate the data and then next step work out how best to present it.

I imagine you could get an initial cut put together in the same Google Sheet where you've been doing your calculations so far. For example, @ripcurlx has maintained a variety of different charts this way in the Bisq Reporting Sheet.

Not sure if this [BSQ/USD price] is value weighted or not? Assuming it is?

It is, as per the "30-day volume-weighted average BSQ/USD price" label seen at the top of the screenshot you posted above.

[cbeams]

@ripcurlx has maintained a variety of different charts this way in the Bisq Reporting Sheet.

and @pazza83, you may also like to have a look at this, simpler, Bisq Trading Volume Google Sheet if you don't already know about it.

[pazza83]

Posting for reference:

Bisq BTC address snapshots 01.03.22 at 00.00

Address	Notes	BTC balance	Total BTC received	BTC received in February 2022
38bZBj5peYS3Husdz7AH3gEUiUbYRD951t	Trade fees	0.0488526	22.39247337	0.8387485
34VLFgtFKAtwTdZ5rengTT2g2zC99sWQLC	Donation address	4.02082978	30.39491955	0.7473996
1BVxNn3T12veSK6DgqwU4Hdn7QHcDDRag7	Default donation address	‎0	‎89.71196696	0
3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp	burning2019	0	‎12.73315159	0
3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV	burningman2	‎0	‎55.93030180	0

[pazza83]

For reference:

On-chain data for BTC fees received to Trade fee address 38bZBj5peYS3Husdz7AH3gEUiUbYRD951t

I Will be using on-chain data for BTC fees going forward and re-adjust previous reports.

April 21: 0.55836787 May 21: 0.48391884 June 21: 0.4440462 July 21: 0.5619955 August 21: 0.6422537 September 21: 0.9624898 October 21: 1.05844561 November 21: 1.0477703 December 21: 0.9713211 January 22: 1.1944739 February 22: 0.8387485

Few points to note:

No trades took place above 0.014 BTC (max fee for 2 BTC taker), this is good.

Only one trade took place with trade fee below the min 0.00005 BTC defined in the code, this is good.

• 2631db553de61b718ad887620d9e23b8094032669adc7144d7930deb4dd65c9e

Three dust attacks were sent to the Bisq trade fee address (amongst many many other addresses).

• 4dd05b32f610ce286e98de456fd07e35c02d75ed419e7c0c57b88a7b58c12534
• a7ce0cdb8b23fbab0065609357ae78be17a9e725242e8b64109029905bd8d1c7
• ac3c1348dcf6f4d0b460d5e7f7f2d0aa901e39ad0abd115484ef83ab64633091c

Two transfers from previous Default donation address and burning2019 address to trade fee address

• 94e2ff2b956417732616534a1a942a480711c8e98858b1a4b3c40b2928b81ec4
• eb20b57c8244286235e5cae54259fe9bf0754f583989b670e229ca1c43db2a02

One transfer from current Donation Address to trade fee address

• 9697e2bbeee76c3a9886539586f753fcbd5a6ae626f038d597042dfc6938b46a

Less than 0.0005 BTC in trade fees went to the previous Bisq associated addresses between 1st April 2021 to present. This means the old addresses are no longer receiving trade fees. This is good.

[pazza83]

Profit and loss - February 2022

Here is the report for February 2022 (which coincides with cycle 33):

February 2022	USD	BTC	BSQ
Volume	6,567,046	158.3451	5,633,081
Revenue	44,843	1.08128426	38,465
- BSQ trade fees	8,885	0.21423576	7,622
- BTC trade fees	34,785	0.8387485	29,837
- Arbitration fees	1,173	0.0283	1,006
Compensation	(33,116)	(0.7984954)	(28,407)
Net Profit (Loss)	11,727	0.28276227	10,059

Percentage of fees paid in BSQ in February 2022 was: 20.34%.

Total revenue was 0.68% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $11,727. Revenue dropped about 50% this cycle. I think due to the fall in BTC prices resulting in less trades. Contributor costs were at a usual level.

There are no anomalies to report.

This cycle I am making some changes to the comptroller role:

• [x] Complete the reports comptroller reports for the missing 2021 fiscal year months of; April, May, June, July.
• [x] Tabulate current data. Begin the changes needed to make it easier for trends to be seen at a glance.
• [x] Start to report monthly on the BTC amounts in donation addresses.
• [x] Start to report monthly on the BTC amounts in trade free addresses.
• [x] Start to report monthly on the total revenue received as a percentage of trade volume (goal is currently for DAO get to 0.8%, currently 0.66%).

[pazza83]

Profit and loss - April 2021

Here is the report for April 2021 (which coincides with cycle 23), completed retrospectively:

April 2021	USD	BTC	BSQ
Volume	12,777,578	214.1996	5,416,523
Revenue	49,564	0.83089123	21,010
- BSQ trade fees	15,541	0.26052336	6,588
- BTC trade fees	33,308	0.55836787	14,119
- Arbitration fees	715	0.012	303
Compensation	(37,446)	(0.62773037)	(15,874)
Net Profit (Loss)	12,118	0.2031415	5,137

Percentage of fees paid in BSQ in April 2021 was: 31.81%.

Total revenue was 0.38% of trade volume.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $12,118. Contributor costs were at a usual level. The BSQ discount was 62% which resulted in lower fees at a total percentage of revenue when combined with a high percentage of users paying in BSQ.

There are no anomalies to report.

[pazza83]

Profit and loss - May 2021

Here is the report for May 2021 (which coincides with cycle 24), completed retrospectively:

May 2021	USD	BTC	BSQ
Volume	10,302,507	205.9642	5,247,011
Revenue	43,871	0.87705724	22,343
- BSQ trade fees	16,864	0.3371384	8,589
- BTC trade fees	24,206	0.48391884	12,328
- Arbitration fees	2,801	0.056	1,426
Compensation	(14,734)	(0.29455628)	(7,504)
Net Profit (Loss)	29,137	0.58249535	14,839

Percentage of fees paid in BSQ in May 2021 was: 41.06%.

Total revenue was 0.4% of trade volume.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $29,137. Contributor costs were at about 50% of there usual level which resulted in an increased profit.

There are no anomalies to report.

[pazza83]

Profit and loss - June 2021

Here is the report for June 2021 (which coincides with cycle 25), completed retrospectively:

June 2021	USD	BTC	BSQ
Volume	7,862,820	209.2625	5,518,155
Revenue	33,500	0.89161514	23,509
- BSQ trade fees	16,326	0.43450258	11,458
- BTC trade fees	16,684	0.4440462	11,708
- Arbitration fees	490	0.01306636	343
Compensation	(19,335)	(0.51458455)	(13,531)
Net Profit (Loss)	14,165	0.3769894	20,183

Percentage of fees paid in BSQ in June 2021 was: 49.46%.

Total revenue was 0.42% of trade volume.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $14,165. Contributor costs were at around there usual level. Trade volume in USD dropped due to BTC price falling to an average of $37,574.

BTC trade fees seem a little low in USD (both June and July) for the volume traded. Think it is mainly due to the drop in BTC price from previous high as it looks ok when denominated in BTC.

[pazza83]

Profit and loss - July 2021

Here is the report for July 2021 (which coincides with cycle 26), completed retrospectively:

July 2021	USD	BTC	BSQ
Volume	$4,629,460	132.3292	3,834,874
Revenue	26,734	0.7642253	22,145
- BSQ trade fees	6,191	0.17696661	5,129
- BTC trade fees	19,660	0.5619955	16,285
- Arbitration fees	883	0.02526319	731
Compensation	(28,183)	(0.80559684)	(23,346)
Net Profit (Loss)	(1,449)	(0.04141893)	(1,200)

Percentage of fees paid in BSQ in July 2021 was: 23.95%.

Total revenue was 0.56% of trade volume.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a small loss of approximately $1,449. Contributor costs were greater than total revenue. Trade volume (in USD and BTC) dropped due to BTC price falling resulting in less revenue for the DAO.

There are no anomalies to report.

[pazza83]

Here is my work in progress for some charts showing some of the key metrics:

All data / charts can be seen on the tabs of this spreadsheet.

Percentage of fees paid in BSQ per month

This chart shows the percentage of fees paid in BSQ per month. The average over this fiscal year is 28.84%. It would be good to see this rise over time. Some work has been done in the last 12 months to allow people in the app to buy BSQ easier, as well as the BSQ swap implementation for a smoother purchasing experience.

I think the this statistic is thrown around a bit by users that make large >1 BTC trades choosing or not choosing to utilize BSQ.

Total revenue as a percentage of fees paid per month

Recently there has been discussion on how Bisq can achieve revenue consistent with 0.8% of the trade volume.

I think this chart shows why it is important to monitor this statistic to ensure the Bisq DAO does not undersell itself. I expect with the new trade fees total revenue as a percentage of trade fees will trend up to 0.8%.

Net profit / loss per month

I have denominated the profit in USD, BTC and BSQ. The profits are the same the charts just show the various denominations.

Total profit in this fiscal year to date is:

• $235,458 OR,
• 4.62455638 BTC OR,
• 153,547 BSQ

Please note these figures should be taken with a grain of salt as they are the cumulative sum of the monthly totals (so really not an accurate measure for yearly data).

An accurate measure for the strength of the DAO is, in my opinion, better measured by change in supply, BSQ/BTC price and market cap measured in BTC.

If the DAO is 'profitable' BSQ supply will decrease, if the DAO makes a 'loss' BSQ supply will inflate.

For reference the current supply of BSQ is: 4,315,811 BSQ

At the end of March 2021, cycle 22, (end of last fiscal year) it was 4,465,470 BSQ.

Therefore, there has been a reduction in supply of 149,659 BSQ since the April 2021 and there is over 4 BTC in Burning Mans donation address. Once Burning Mans funds have been used to buy BSQ to burn the effect of the BSQ supply will be able to be more accurately measured.

I will report further on this next month when I have all the figures for the whole year, as opposed to 11 months.

USD

BTC

BSQ

Additional charts I can make

These are the additional charts I can make if anyone is interested:

The following are not easily obtainable in Bisq app so might be of interest to some people?:

• BTC trade revenue fees per month
• Contributor costs per month
• Arbitration fees per month

The following are easily obtainable in Bisq app so whilst I can chart them I am not sure if there is a benefit:

• Trade volume per month
• BSQ trade revenue fees per month
• Average Price of BSQ per month
• Average Price of BTC per month

I also think that the change in BSQ supply over time is one of the most important metrics, and this is currently missing from the DAO section in Bisq. I have opened an issue to request a change in BSQ supply chart natively in the app.

If anyone has any questions, comments or suggestions please let me know.

Also please let me know if you see anything that looks incorrect etc, as currently I am doing these all independently and would welcome anyone casting their eyes over my figures :)

[pazza83]

Posting for reference:

Bisq BTC address snapshots 01.04.22 at 01.00

Address	Notes	BTC balance	Total BTC received	BTC received in March 2022
38bZBj5peYS3Husdz7AH3gEUiUbYRD951t	Trade fees	0.18887694	24.00696822	1.61449485
34VLFgtFKAtwTdZ5rengTT2g2zC99sWQLC	Donation address	‎1.12135894	31.16854889	0.77362934
1BVxNn3T12veSK6DgqwU4Hdn7QHcDDRag7	Default donation address	‎0.13000000	‎‎89.84196696	0.13000000
3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp	burning2019	0	‎12.73315159	0
3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV	burningman2	‎‎0.02095000	‎‎55.95125180	‎0.02095000

Both the Default donation address and burningman2 addresses have received 1 transaction each this month.

Looks like they are both people sending funds to old donation addresses.

NB: Total BTC received in a month does not translate to income, as it includes consolidation transactions. For example 38bZBj5peYS3Husdz7AH3gEUiUbYRD951t received 1.61449485 BTC in March 2022, but the income from BTC trade fees in March 2022 was 0.88934106 BTC. Trade fees are nearly always consolidated by burning man prior to being sent for trading > burning.

[pazza83]

Profit and loss - March 2022

Here is the report for March 2022 (which coincides with cycle 34):

March 2022	USD	BTC	BSQ
Volume	5,986,932	139.0175	5,092,227
Revenue	46,909	1.08925774	39,898
- BSQ trade fees	7,765	0.18031668	6,605
- BTC trade fees	38,300	0.88934106	32,576
- Arbitration fees	844	0.0196	717
Compensation	(45,329)	(1.05254725)	(38,555)
Net Profit (Loss)	1,580	0.03668787	1,343

Percentage of fees paid in BSQ in February 2022 was: 16.86%.

Total revenue was 0.77% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $1,580. The reason for a drop in revenue this cycle is that trade volume was down and contributor costs were up.

There are no anomalies to report.

[ripcurlx]

Profit and loss - March 2022

Here is the report for March 2022 (which coincides with cycle 34):

March 2022 USD BTC BSQ Volume 5,986,932 139.0175 5,092,227 Revenue 46,909 1.08925774 39,898

• BSQ trade fees 7,765 0.18031668 6,605
• BTC trade fees 38,300 0.88934106 32,576
• Arbitration fees 844 0.0196 717 Compensation (45,329) (1.05254725) (38,555) Net Profit (Loss) 1,580 0.03668787 1,343 Percentage of fees paid in BSQ in February 2022 was: 16.86%.

Total revenue was 0.77% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $1,580. The reason for a drop in revenue this cycle is that trade volume was down and contributor costs were up.

There are no anomalies to report.

Do you have an idea why the percentage of fees paid in BSQ is going more and more down?

[pazza83]

Do you have an idea why the percentage of fees paid in BSQ is going more and more down?

Yes I think it is for a couple of reasons:

• The absolute minimum fees when paying in BTC to avoid dust is 0.00005 BTC
• BSQ decreasing in price following the publishing of the adjusted cycles USD/BSQ rate

For the first reason when the price of both BSQ and BTC fall as has happened over the last few cycles the fees collected from BTC trades is higher relative to fiat amount traded for BTC trades due to the BTC dust limit for fees. This has the effect of increasing the amount collected in fees from users using BTC to pay for trade fees.

For the second the USD/BSQ is set at the beginning of the cycle, however if the USD/BSQ price falls during the cycle the total relative fiat amount of BSQ used to pay fees will be less than anticipated at the start of the cycle. This does not effect BTC fees as they are always proportionate to the amount of BTC trade not accounting for the dust limits described above. In the last couple of cycles the USD/BSQ price has reduced during the cycle mainly due to a trader that was reimbursed a large amount of BSQ selling it on the BSQ/BTC market.

I do not think either of the above are anything that needs addressing. I think it is just a quirk of BSQ. I also think the percentage of trades fees paid with with BSQ and BTC with respective to trade numbers is pretty constant.

[pazza83]

Profit and loss - April 2022

Here is the report for March 2022 (which coincides with cycle 35):

April 2022	USD	BTC	BSQ
Volume	10,463,803	249.2144	8,568,459
Revenue	67,180	1.60036209	55,011
- BSQ trade fees	18,491	0.44049263	15,142
- BTC trade fees	47,627	1.13457926	39,000
- Arbitration fees	1,062	0.0252	869
Compensation	(38,382)	(0.91433608)	(31,429)
Net Profit (Loss)	28,798	0.68602601	23,581

Percentage of fees paid in BSQ in April 2022 was: 27.96%.

Total revenue was 0.63% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $28,798. The reason for the increase in profit was a return to normal of trading volume.

BSQ was used for more trades resulting in the total revenue as a percentage of trade volume decreasing. I will monitor this over the coming months.

There are no anomalies to report.

[pazza83]

Profit and loss - May 2022

Here is the report for May 2022 (which coincides with cycle 36):

May 2022	USD	BTC	BSQ
Volume	12,063,958	371.738	11,484,015
Revenue	79,251	1.60036209	75,441
- BSQ trade fees	21,698	0.66859766	20,655
- BTC trade fees	57,553	1.77344568	54,786
- Arbitration fees	623	0.0192	593
Compensation	(11,980)	(0.36914923)	(11,405)
Net Profit (Loss)	67,894	2.09207161	64,630

Percentage of fees paid in BSQ in May 2022 was: 27.37%.

Total revenue was 0.66% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $67,894. Although BTC price dropped, trade volume increased.

A large number of contributors also failed to reach the required vote quorum Cycle 36, this had the affect of making the contributor costs unusually low for this cycle. So I expect next cycle will see an increase in contributor costs.

The percentage of trade fees was up slightly to 0.66% But still below the goal of 0.8%. I will continue to monitor this over the coming months.

There are no anomalies to report.

[pazza83]

Profit and loss - June 2022

Here is the report for June 2022 (which coincides with cycle 37):

June 2022	USD	BTC	BSQ
Volume	10,062,512	406.6111	12,281,840
Revenue	65,734	2.6562411	80,231
- BSQ trade fees	20,072	0.81108821	24,500
- BTC trade fees	45,662	1.84517932	55,732
- Arbitration fees	623	0.0252	760
Compensation	(50,726)	(2.04978381)	(61,915)
Net Profit (Loss)	15,631	0.63163211	19,078

Percentage of fees paid in BSQ in June 2022 was: 30.54%.

Total revenue was 0.65% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $15,631.

Due to a large number of contributors DAO compensation requests failing to reach the required vote quorum in Cycle 36 this cycle had an issues an increased amount of BSQ to contributors. This decreased the profit for the cycle.

The percentage of trade fees was 0.65% and still below the goal of 0.8%. I will continue to monitor this over the coming months.

There are no anomalies to report.

[pazza83]

Profit and loss - Fiscal Year 2021/22

Here is the report for June Fiscal Year 2021/22 (1st April 2021 - 3 March 2022)

Fiscal Year 2021/22	USD	BTC	BSQ
Volume	109,760,945	2283.926621	69,689,488
Revenue	654,415	13.61647448	415,501
- BSQ trade fees	175,447	3.65	111,395
- BTC trade fees	463,912	9.65317238	294,547
- Arbitration fees	15,056	0.3133021	9,559
Compensation	(448,875)	(9.34027633)	(285,000)
Net Profit (Loss)	243,951	5.07617878	154,890

Percentage of fees paid in BSQ in Fiscal Year 2021/22 was: 27.44%.

Total revenue was 0.58% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet

Summary

In the Fiscal Year 2021/22 the DAO made a profit of approximately $243,951.

The report calculates USD amount based on average prices of BTC and BSQ over the fiscal year. These are;

Average Price of BSQ 01.04.21 - 30.03.22: $1.575 Average Price of BTC 01.04.21 - 30.03.22: $48,058

The bold amounts in the preceding table show the actual revenue / expenses in their native currency (USD/BTC/BSQ).

A profit of $243,951 USD is roughly equivalent to a reduction in the BSQ supply by 154,890 over this fiscal period.

There are no anomalies to report.

[pazza83]

Profit and loss - July 2022

Here is the report for July 2022 (which coincides with cycle 38):

July 2022	USD	BTC	BSQ
Volume	5,079,844	230.902	5,815,438
Revenue	41,906	1.90481818	52,771
- BSQ trade fees	6,945	0.31568181	8,746
- BTC trade fees	34,543	1.57014588	43,500
- Arbitration fees	418	0.019	526
Compensation	(52,387)	(2.38122727)	(65,971)
Net Profit (Loss)	(10,481)	(0.476409)	(13,198)

Percentage of fees paid in BSQ in July 2022 was: 16.74%.

Total revenue was 0.82% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a loss of approximately $10,481.

The loss was mainly due to a fall in BTC prices whilst compensation requests stayed pretty consistent.

For the first time since reports started the total revenue as a percentage of trade fees achieved the 0.8% goal. This is mainly dues to a usually higher percentage of trade fees being paid in BTC as opposed to BSQ (1% of trade amount vs 0.4% of trade amount).

There are no anomalies to report.

[pazza83]

Profit and loss - August 2022

Here is the report for August (which coincides with cycle 39):

August 2022	USD	BTC	BSQ
Volume	6,353,095	280.9364	7,479,509
Revenue	52,150	2.30609357	61,396
- BSQ trade fees	13,121	0.58021579	15,448
- BTC trade fees	37,559	1.66090892	44,218
- Arbitration fees	1,470	0.065	1,730
Compensation	(22,836)	(1.00981692)	(26,885)
Net Profit (Loss)	29,314	1.29627664	34,511

Percentage of fees paid in BSQ in August 2022 was: 25.89%.

Total revenue was 0.8% of trade volume goal is to achieve over 0.8%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $29,314.

Profit was due to trade volume staying consistent whilst contributor costs were down from the previous cycle.

Revenue for the DAO achieved the goal of 0.8% of total trade revenue. This is the result of a full cycle at the new base fee levels of Maker 0.0012% / Taker 0.0088% and the BSQ discount being reduced to 50%.

There are no anomalies to report.

[MwithM]

Seeing that 0.8% of trading volume has been reached, I don't think many changes will be needed soon for trading fees, unless % of trading fees paid in BSQ changes a lot.

[pazza83]

Posting for reference:

Bisq BTC address snapshots 05.10.22

Address	Notes	BTC balance
38bZBj5peYS3Husdz7AH3gEUiUbYRD951t	Trade fees	0.48862816
34VLFgtFKAtwTdZ5rengTT2g2zC99sWQLC	Donation address	‎4.56034680
1BVxNn3T12veSK6DgqwU4Hdn7QHcDDRag7	Default donation address	‎0.03284000
3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp	burning2019	0
3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV	burningman2	‎‎0.02095000

All going well.

Almost all BTC is going to the top two addresses which is how it should be. Just two BTC donation address transactions in the last 6 months did not go to the top two addresses. This could be due to historic trades taking place an old Bisq version and only being sent to arbitration in the last 6 months, or something in the trade protocol reverting back to a previously used addresses during creation of the multisig.

[pazza83]

Profit and loss - September 2022

Here is the report for September (which coincides with cycle 40):

September 2022	USD	BTC	BSQ
Volume	6,498,286	320.6305	8,394,633
Revenue	54,236	2.67607441	70,063
- BSQ trade fees	14,501	0.7154981	18,733
- BTC trade fees	38,959	1.92232344	50,328
- Arbitration fees	776	0.0383	1,002
Compensation	(21,055)	(1.03888094)	(27,200)
Net Profit (Loss)	33,181	1.64417026	42,864

Percentage of fees paid in BSQ in September 2022 was: 27.12%.

Total fees paid as a percentage of revenue was: 0.82%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $33,181.

Trade volume and contributor costs stayed consistent resulting in a similar profit to the previous cycle.

There are no anomalies to report.

[pazza83]

Profit and loss - October 2022

Here is the report for October (which coincides with cycle 41):

October 2022	USD	BTC	BSQ
Volume	7,770,170	387.6557	10,217,186
Revenue	59,027	2.94487128	77,616
- BSQ trade fees	18,032	0.89962083	23,711
- BTC trade fees	40,444	2.01777568	53,180
- Arbitration fees	551	0.0275	724
Compensation	(23,531)	(1.17396727)	(30942)
Net Profit (Loss)	35,496	1.77090401	46,674

Percentage of fees paid in BSQ in October 2022 was: 30.84%.

Total fees paid as a percentage of revenue was: 0.75%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $35,496.

Trade volume and contributor costs stayed consistent resulting in a similar profit to the previous cycle.

Total fees paid as a percentage of revenue was: 0.75% falling just short of the 0.8% target. This is likely a result of BSQ discount being ~55% at present and the percentage of amount of fees paid in BSQ being up slightly at 30.84% as opposed the the previous cycle's 27.12%.

There are no anomalies to report.

[pazza83]

Posting for reference:

Bisq BTC address snapshots 20.10.22

Address	Notes	BTC balance
38bZBj5peYS3Husdz7AH3gEUiUbYRD951t	Trade fees	0.15123284
34VLFgtFKAtwTdZ5rengTT2g2zC99sWQLC	Donation address	‎2.71674976
1BVxNn3T12veSK6DgqwU4Hdn7QHcDDRag7	Default donation address	‎0
3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp	burning2019	0
3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV	burningman2	‎‎0

All going well. All but a few transactions going to the top two addresses and the transactions that went to the bottom few address got resent to top two.

[pazza83]

Note for reference:

Number of trades on Bisq per year

2016 2,024 2017 4,410 2018 14,350 2019 26,683 2020 37,954 2021 43,579 2022 59,046

[flix1]

In any traditional business this would be considered excellent, sustainable, organic growth.

However in the Bitcoin exchange business this is a very slow beta.

The challenge remains: How to scale to 100.000+ users? Millions of transactions?

I still think that the main things holding Bisq back are:

1. Liquidity
2. UX
3. No mobile app

Bisq 2, lightning network, atomic swaps could solve some of these...

[pazza83]

Profit and loss - November 2022

Here is the report for November (which coincides with cycle 42):

November 2022	USD	BTC	BSQ
Volume	8,820,516	481.7059	12,895,491
Revenue	66,721	3.64376604	97,545
- BSQ trade fees	20,353	1.11151766	29,756
- BTC trade fees	45,854	2.50418032	67,038
- Arbitration fees	514	0.0281	751
Compensation	(21,468)	(1.17241002)	(31,387)
Net Profit (Loss)	45,253	2.47135601	66,159

Percentage of fees paid in BSQ in November 2022 was: 30.74%.

Total fees paid as a percentage of revenue was: 0.75%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $45,253.

Trade volume was up significantly this cycle and contributor costs stayed consistent resulting in increased profits to the previous cycle.

There are no anomalies to report.

[pazza83]

Posting for reference:

Bisq BTC address snapshots 07.01.23

Address	Notes	BTC balance
38bZBj5peYS3Husdz7AH3gEUiUbYRD951t	Trade fees	0.01725208
34VLFgtFKAtwTdZ5rengTT2g2zC99sWQLC	Donation address	‎5.44970638
1BVxNn3T12veSK6DgqwU4Hdn7QHcDDRag7	Default donation address	‎0.00155220
3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp	burning2019	0
3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV	burningman2	‎‎0

These addresses will receive less BTC going forward as a result of the new burningmen protocol.

[pazza83]

Profit and loss - December 2022

Here is the report for December (which coincides with cycle 43):

December 2022	USD	BTC	BSQ
Volume	6,397,870	366.1156	9,619,410
Revenue	50,145	2.86952790	75,394
- BSQ trade fees	14,521	0.83095851	21,834
- BTC trade fees	33,840	1.93650116	50,879
- Arbitration fees	1,784	0.1021	2,682
Compensation	(55,503)	(3.17613734)	(83,452)
Net Profit (Loss)	(5,358)	(-0.306609442)	(8,055)

Percentage of fees paid in BSQ in December 2022 was: 30%.

Total fees paid as a percentage of revenue was: 0.76%.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a loss of approximately $5,358.

Trade volume down slightly from the previous cycle and contributor costs doubled as a result of the additional submitted for the distribution of the burning man fees. This resulted in a small loss this cycle.

There are no anomalies to report.

Next cycle's comptroller report will be the first cycle to require accounting for the new burning man protocol and I am expecting accounting for it to be a little more complex than the current report.

[pazza83]

Profit and loss - January 2023

Here is the report for January 2023.

I have used the opportunity of the change in trade protocol to allow the monthly report to 'be more in-time' with the Bisq cycles. Therefore, I have not included any expenses this cycle. This will allow me to include cycle 44 expenses in my next report which started in 22nd Jan so is more in-keeping with a February report anyway :)

As a result of this the profits this month have to be taken in context of no expenses included.

From 1st January 2023 the BTC trade fees did not go to the burning man. Instead they were distributed to the new Burning Men as per the new protocol. This means the fees traders paid in BTC for their trades is no longer revenue for the DAO. Instead revenue for the DAO comes from contributors prospectively burning burning BSQ to compete for the BTC trade fees and delayed payout transactions. The 'revenue' for the Bisq DAO, therefore, comes from the burning of BSQ.

As this is the first cycle of the new protocol I have included the BSQ burned by new burning men from both December and January. This combined with the omission of expenses this cycle makes for an artificially high profit this month but will be balanced out over the coming cycles and when reported on in the annual report.

Next month report will also include costs to the DAO in the way of reimbursements the DAO made to the Refund Agent, minus the sum of the BTC that was paid to the legacy burning man address.

The protocol change makes reporting a little more complex and over the next couple of cycles the profit / loss will be a little more volatile.

Here is the report for January (which coincides with cycle 43 - not updated to cycle 44 yet):

January 2023	USD	BTC	BSQ
Volume	6,345,609	310.3824	8,171,013
Revenue	112,877	5.521344712	145,348
- BSQ trade fees	16,260	0.79534337	20,938
- Burning Man revenue	95,534	4.67296028	123,015
- Arbitration fees	1,083	0.053	1,394
Compensation	0	0	0
Net Profit (Loss)	112,877	5.521344712	145,348

Due to the way BTC fees are paid the percentage of fees paid in BSQ in January 2023 and the total fees paid as a percentage of revenue are more difficult to work out. Will revisit these calculations next cycle.

Link to the spreadsheet I used with comments on the individual line items.

Summary

The DAO made a profit of approximately $112,877 in January 2023.

Trade volume is consistent with the previous cycle however contributor costs were not included for reasons above.

The way the report is reported in the only anomaly.