Silo Finance Mainnet QA

[SerenityFund]

Review Info

Description	Info
Subgraph Reviewed	https://subgraphs.messari.io/subgraph?endpoint=https://gateway.thegraph.com/api/2b7eeacb471d383c093a79133a0a17a4/subgraphs/id/6rcT2GzBXGoi3ZMus92LHajM2b9qWGj7Z3dDhPxoUogB&tab=protocol
Schema Version	2.0.1
Subgraph Version	1.0.0
Methodology Version	1.0.0
Evidence Spreadsheet	https://docs.google.com/spreadsheets/d/1IYNWOHhRV2MQZJ7vDPBcxdXcwQpPMjlJ/edit?usp=sharing&ouid=104027705798814439445&rtpof=true&sd=true

Metric to Review

TVL

• In the latest data, the subgraph shows a discrepancy of 83% with both Defi Llama and official website data due to XAI Genesis that just recently happened where the protocol upgraded to use the new Silo v2 subgraph and gets a 10x performance boost.
• However, in the previous days, subgraph data is in line with Defi Llama data a the average discrepancy from November 15 to 19 is only 6%.

Subgraph - Nov. 20 TVL	Defi Llama - Nov. 20 TVL	Absolute difference	Difference %
3,037,784.97	18,104,868.40	-15,067,083.43	-83.22%

Subgraph - Nov. 15-19 average TVL	Defi Llama - Nov. 15-19 average TVL	Absolute difference	Difference %
2,985,967.73	2,813,712.55	172,255.18	6.22%

• Refer to the sheet 'Protocol'

Revenue

• All revenue data of the subgraph is zero and there must be revenue figures as there are active markets in the platform.
• We have computed the implied revenue using official website data. See 'Support-Implied-Revenue' sheet for more info.

Total Pool Count

• The official website shows 23 pools as compared to subgraph's data of 70.

Pool Overview

• Out of the 50 pools in the subgraph data, only 19 pools are shown in the official website.
• Six out of those 19 pools show a large TVL data discrepancy with DeBank data (These six pools are cbETH, BAL, wstETH, LINK, LQTY, and CRV individual pools).
• Four pools in the official website are missing in the subgraph (These four pools are AURA, FARM, ALCX, and BADGER individual pools).
• Refer to the sheet "Pool_Overview" for details

Pool Vault

USDC pool

• The maximum LTV of this pool must be 90% instead of 85% according to the official website
• The liquidation threshold of this pool should be 95% instead of 90% according to the official website
• The liquidation penalty of this pool is 5% instead of 0% according to the official website
• Refer to the sheet "Pool_vault schema" for details

  cbETH pool

• The maximum LTV of this pool must be 80% instead of 85% according to the official website
• The liquidation threshold of this pool should be 85% instead of 90% according to the official website
• The liquidation penalty of this pool is 15% instead of 0% according to the official website
• TVL is not mathematically in line with DeBank data as it shows a high discrepancy of 28.49%
• Refer to the sheet "Pool_vault schema" for details

Please refer to the attached worksheet for more details.

[Data-Nexus]

TVL The protocol's ~3m accounts for all user deposits. The recent bump to ~18m was due to a XAI (protocol's stablecoin) credit extension that was minted and deposited into the markets. Initial consensus was excluding this in TVL (since it is minted by the protocol) but after inspecting what other protocol's are doing the team has decided to count this in the TVL.

This will be updated early this week on the mainnet subgraph version (see https://thegraph.com/hosted-service/subgraph/data-nexus/silo-data-nexus as the pre-prod subgraph).

Revenue The protocol has not started earning revenue, however there is supply side revenue that needs to be updated in the subgraph and accounted for. This is on my TODO list.

Total Pool Count There are subgraphs that have been deployed but do not yet have a PriceProvider (oracle for the assets in the market) established. Once the oracle is established the market will show on the front end of the website.

Pool Overview The 4 pools mentioned show in the new version. I'll inspect the TVL discrepancies between the markets.

Pool Vault Max LTV and Liquidation threshold differ slightly in the Silo structure. This has been broken into a 1:M relationship in our new version where we create a MarketAsset entity which stores the LTV and LT for each asset inside the market.