Summary
In the final month of Season 21, we witnessed the continued evolution of Gitcoin as it transitions into its new phase. Notably, both the Business Units and the Ecosystem Collective achieved significant improvements in their financial positions. Operational expenses for the month totaled $743,343, representing a commendable 21.28% reduction from budgeted expenses. This reduction underscores our unwavering commitment to financial prudence.
As of the end of April 2024, the present value of the DAO treasury stands at $49,251,125. Throughout the month, there were fluctuations in prices, with an average of $1.311785 per unit. This decrease can be attributed primarily to the broader downturn in the cryptocurrency market, which experienced a decline from a total market cap of $2.7 trillion to $2.4 trillion over the past 30 days. Notably, both BTC and ETH, the two primary assets, saw declines of 8.5% and 9%, respectively. As an alternative coin, GTC token has experienced a decline in price of 35.74% since the last report.
GTC saw a marginal price increase of 1.20% in the last 7 days. However, it is important to note that it underperformed against the backdrop of the global cryptocurrency market, which rose by 5.60% during the same period. Moreover, when compared to similar Ethereum ecosystem cryptocurrencies, Gitcoin lagged behind, with those cryptocurrencies experiencing a 12.70% increase.
This report offers a comprehensive overview of our financial performance for April 2024, emphasizing key metrics and budget analysis.
Overview
- Last Month’s Treasury Holdings: $74,203,656
- Current Month Treasury Holdings: $49,251,125
- Variance ($24,952,531 - 33.63%): Primarily driven by the volatile price of the token, which experienced a downturn the past month, coupled with a the impact of our monthly operating expenses across all workstreams, totaling $743,343
- Budget Variance: 21.28% lower than the budget across all Business Units and the Ecosystem Collective ($944,312).
Runway
The decrease in the value of our treasury’s GTC holdings, primarily influenced by the performance of GTC, has impacted our Runway. Presently, our Runway is estimated to be 52 months (4 years).
The total GTC held within the DAO amounts to $39,249,344, with each token averaging a value of $1.20.
Currently, our dependency on GTC stands at 79.69%, highlighting the significant impact of this token’s performance on our treasury. To mitigate associated risks and ensure financial resilience amidst market fluctuations, it is imperative to vigilantly monitor and explore strategies to diversify our treasury holdings.
Last Month’s Expenditure: Our expenditure for the previous month totaled $743,343, demonstrating a commendable reduction of 21.28% (equivalent to $200,969) from our budgeted amount of $944,312. This disciplined adherence to the budget underscores our steadfast commitment to efficient resource allocation.
April*
- Figures ran on March 6 2024
March*
- Figures ran on April 8 2024
Token spend in April
During April, our total expenditure in USD reached $743,343. This breakdown comprises $577,769 in USDC, 41,040 GTC valued at $48,535, 0.3038 in ETH (~$1,393) and $115,645 in USDC on Rain.
Key Financial Insights April
Total Contributor Costs
- The total expenses associated with contributors, encompassing both full-time team members and part-time support (including headcount and external consultants), stand at $633,088. This marks a decrease of $148,574, representing a reduction of -19.01%. Furthermore, the revised budgets for Grants Lab, Passport, and the Ecosystem Collective incorporate allocations for vacant positions that may be filled during this season. Despite these adjustments, we have successfully maintained expenditures within the confines of the original budgetary framework.
Other Notable Operating Expenses
- There were no significant expenses recorded in April that required a detailed breakdown.
- Software & Subscriptions: $26,464, reflecting an 18.47% increase over the budget ($22,337). This rise is primarily attributed to unforeseen costs from DataDog and Alchemy.
- Travel, Lodging, and Meals: $11,124, marking a significant 28.35% increase over budget ($8,667). This increase is primarily related to the Offsite. However, under GCP 016, the workstreams are entitled to claim back close to $50K from the amount allocated to the Offsite.
- General and Administrative: $72,667, which is 44.80% below budget ($131,646), attributed to unspent for RFP (Ecosystem Collective) and Marketing (Passport)
This breakdown showcases our commitment to careful and effective spending, resulting in significant savings across a range of expense categories.
Summary
| Actuals | Budget | Variance | % Difference | |
|---|---|---|---|---|
| April | $743,343 | $944,312 | -$200,969 | -21.28% |
Monthly Breakdown
April
| Actuals | Budget | Variance | % Difference | |
|---|---|---|---|---|
| Headcount | $564,744 | $592,845 | -$28,101 | -4.74% |
| Other Consultants | $68,344 | $188,817 | -$120,473 | -63.80% |
| Software & Subscriptions | $26,464 | $22,337 | $4,127 | 18.47% |
| Travel, Lodging and Meals | $11,124 | $8,667 | $2,457 | 28.35% |
| General and Administrative | $1,330 | $16,196 | -$14,866 | -91.79% |
| Miscellaneous | $71,337 | $115,450 | -$44,113 | -38.21% |
Breakdown by business unit / workstream:
The Ecosystem Collective exhibited remarkable financial efficiency by operating well below budget, with expenses amounting to just $223,451, significantly lower than the allocated budget of $260,013. Despite substantial expenditures incurred during the month, the Ecosystem Collective adeptly concluded April with ample breathing room under budget constraints.
- January, February and March represent MMM workstream performance.
Within the Grants Lab business unit, expenditures totaled $322,686 against the allocated budget of $434,484, resulting in a surplus of $111,798. The team showcased astute budget management by diligently adhering to financial parameters, strategically balancing underspending in certain areas with necessary investments in others.
- January represents Grants Stack workstream performance.
In the Passport business unit, $197,206 was utilized out of the allocated budget of $249,815, leaving $52,609 unspent. Despite initial expectations of heightened infrastructure expenses, Passport’s BU adeptly navigated April, comfortably concluding the month under budget.
