Summary
Halfway through Season 21, we can observe the evolution of Gitcoin in its new phase. Last month, both the Business Units and the Ecosystem Collective made significant strides in improving their financial status. Operational expenses for the month amounted to $629,259, marking an impressive 10.11% reduction from our targeted budget. This reduction underscores our dedication to financial responsibility.
The present value of the DAO treasury stands at $74,203,656. Over the month, there were price fluctuations, averaging $1.851963, showcasing robust confidence in our ecosystem.
This report provides a detailed overview of our financial performance for March 2024, highlighting key metrics and budget analysis.
Overview
- Last Month’s Treasury Holdings: $76,732,961
- Current Month Treasury Holdings: $74,203,656
- Variance (2,529,305 - 3.30%): Primarily driven by the volatile price of the token, which experienced a downturn in recent days, coupled with a reduction in monthly operating expenses across all workstreams, totaling $629,259.
- Budget Variance: 10.11% lower than the targeted budget across all Business Units and the Ecosystem Collective ($700K).
Runway
The reduction in value of the treasury’s GTC holdings, largely due to the impact on our GTC holdings, has affected our Runway. As of today, our Runway is estimated to be 85 months (7 years).
In the latest assessment, the total GTC held across the DAO amounted to $62,959,694, with each token averaging $1.90 in value.
Currently, our reliance on GTC stands at 84.85%, underscoring the significant influence of this token’s performance on our treasury. To mitigate associated risks and ensure financial resilience amid market fluctuations, it is crucial to diligently monitor and explore strategies to diversify our treasury holdings.
Last Month’s Expenditure: Our expenditure for last month amounted to $629,259, showcasing a commendable 10.11% (or $70,741) reduction from our targeted budget of $700K. This disciplined adherence to the budget underscores our commitment to efficient resource allocation.
March*
- Figures ran on April 8 2024
February*
- Figures ran on March 15 2024
Token spend in March
During March, our total expenditure in USD reached $629,259. This breakdown comprises $509,612 in USDC, 46,541 GTC valued at $93,838, and $25,809 in USD on Rain and other means of payment.
Key Financial Insights March
Total Contributor Costs
- The overall expenses linked with contributors, covering both full-time team members and part-time support (including headcount and external consultants), amount to $500,574. This signifies a decrease of -$209,535, equating to a -29.51% reduction compared to the previous period. Moreover, the updated budgets for Grants Lab, Passport, and the Ecosystem Collective include provisions for open positions, which might be filled during this season. Nevertheless, despite these adjustments, we have effectively kept expenditures within the original budgetary framework.
Other Notable Operating Expenses
- There were no significant expenses recorded in March that required a detailed breakdown.
- Software & Subscriptions: $28,298, representing a notable 49.90% under budget ($56,487).
- Travel, Lodging, and Meals: $17,913, marking a significant 149.94% over budget ($7,167).
- General and Administrative: $82,280, slightly below budget by 1.01% ($83,117).
This breakdown demonstrates our commitment to prudent and efficient spending, resulting in significant savings across various expense categories. However, the overspending on Traveling was primarily due to the Lisbon Offsite. These expenses will be reimbursed to the Units and EC by [GCP 016].
Summary
Monthly Breakdown
March
Breakdown by business unit / workstream:
The Ecosystem Collective operated well below budget, with expenses totaling only $174,840 compared to the allocated budget of $301,325. Despite significant payments made throughout the month, the Ecosystem Collective successfully concluded March comfortably under budget.
- January and February represent MMM workstream performance.
In the Grants Lab business unit, expenses amounted to $336,912 out of the allocated budget of $412,009, creating a surplus of $75,097. The team effectively managed to adhere to the budget this month, offsetting underspending in some areas with overspending in others.
- January represents Grants Stack workstream performance.
The Passport business unit utilized $189,139 out of its allocated budget of $218,024, resulting in $28,884 remaining unspent. Despite anticipating increased infrastructure costs, Passport’s BU effectively managed to conclude March comfortably under budget.
