We have our first earning now. I’ll report our treasury statement quarterly, but I sum up the current state on this post for transparency. The complete report will be made in Jan for Q4-2021 (Oct, Nov, Dec).
Since the middle of October, we’ve had SDN inflow from Shiden dApp staking. On the staking, we’ve received developer and staker rewards. The staker rewards are coming from our own stake using our developer rewards.
This data is based on Nov 16 and is given in units of SDN.
This treasury should be managed by multi-sig or DAO in the future, but now I have full control for this whole funds, and I need to pay the taxes in my place. The taxes and my compensation will be expensed from the treasury to me starting from Jan.
We’ve held the SDN from rewards as-is, but I think the treasury should be diversified and stabilized. So I propose to swap 10% of our SDN for stablecoins, for starters.
I’d like to use kUSD here because that’s the most solid stablecoin in the Kusama ecosystem. However, the cross-chain asset transfer between Karura and Shiden isn’t established yet.
I’m sure there will be a backlash from the community, but I support this opinion.
Until it becomes a full DAO, tash is taking a financial risk. And of course the financial gain. This indicates the possibility of cash out due to taxes. Given the price volatility of cryptocurrency, it is possible to swap to stablecoin coins.
Fortunately, I heard some good news recently. May be able to make it before the end of the year, the general accounting period.
Doing this means selling the SDN. We could discuss this further on Twitter or discord, or we could be a little more cautious. Thanks.
SDN listing on Karura Swap is great news. However, I thought it would take more time than that, and I swapped 4,000 SDN for 10,769 kUSD through CEX on 21 Nov. I don’t think we sell more SDN, for the time being.
