pazza83
commented
1 year ago Profit and loss - February 2023
Here is the profit and loss report for February 2023.
| February 2023 | USD | BTC | BSQ |
|---|---|---|---|
| Volume | 6,301,263 | 265.2717 | 7,158,085 |
| Revenue | 65,383 | 2.75330533 | 74,296 |
| - BSQ trade fees | 17,166 | 0.72265723 | 19,501 |
| - BTC trade fees | 8 | 0.000366 | 10 |
| - Burning Man revenue | 47,285 | 1.9906121 | 53,715 |
| - Arbitration fees | 942 | 0.03967 | 1,070 |
| Expenses | (110,510) | (4.65226907) | (125,538) |
| - Contributor costs | (36,431) | (1.53367853) | (41,385) |
| - DAO Reimbursements from new DPTs | (46,508) | (1.95790182) | (52,832) |
| - Refunds paid out from new DPTs by Refund Agent | (27,571) | (1.16068872) | (31,321) |
| Net Profit (Loss) | (45,108) | (1.89896374) | (51,242) |
Due to the way BTC fees are paid, the percentage of fees paid in BSQ in February 2023, and the total fees paid as a percentage of revenue, are more difficult to work out. Will look for a solution to this.
Link to the spreadsheet I used with comments on the individual line items.
Summary
The DAO made a loss of approximately $45,108 in February 2023.
Trade volume is consistent with the previous cycle.
The main reason for the loss is that revenue generated by the burning of BSQ by the burning men was not enough to cover the refunds and reimbursements paid out by the DAO.
The new protocol means that refunds and reimbursements are now a cost to the DAO where before they were revenue neutral. This is because in the old trade protocol refunds and reimbursements were essentially for BTC sent to the donation address owned by the burning man who would use the BTC to buy BSQ. In the new protocol DAO contributors taking part in being burning men receive the BTC trade fees and BTC donation address payouts so the profit/loss will be dependent on how much BSQ is burnt by the burning men.
Might be useful for me to include the burn target and what was achieved in my reports:
Burn Target for February 2023: 162,322 BSQ Amount of BSQ burnt in February 2023: 53,715 BSQ Amount of BSQ burnt as a percentage of the burn target: 33 %
I am assuming for the new protocol to be revenue neutral over a larger time the amount of BSQ burnt as a percentage of the burn target should be close to 100% OR if it below that amount then the legacy trade fee addresses and delayed payout addresses should pick up the percentage difference.
It is still too early to draw any conclusions and I expect the next few reports to be a little volatile as an equilibrium is hopefully reached.
If anyone would like to check my working out just let me know. Always good to have more eyes checking the reports, especially with the change in protocol.
Also interested to hear any comments or suggestions with how it can be reported.
Also thinking of reporting on the amounts paid out in trade fees and delayed payouts each cycle, as although this is no longer revenue for the DAO I think it would be useful.
MwithM
apemithrandir
HenrikJannsen
ghost
cbeams
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:
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:
Duties
The following are the Comptroller duties:
To report monthly on the following:
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:
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