Overview
As noted in last months aggregated update - we’re moving to enhance our financial reporting and have engaged an initial consulting project aimed at refining our financial processes. This stride forward is key to socializing our financial oversight and provide a foundation for future reports.
The October numbers continues to offer a detailed view of our financial status, designed to be easily accessible and understandable for our community. We value your feedback and encourage suggestions on how we can continue to improve our financial reporting. Your input is crucial as we work towards better financial governance and operational efficiency.
Expect our future reports to consistently reflect our progress in financial management, with a focus on accuracy, clarity, and relevance.
We look forward to your continued engagement as we work together towards a transparent and well-managed financial future for Gitcoin.
At a Glance
- Last month’s Treasury Holdings: $39,416,953
- Current Treasury Holdings: $47,340,348
- This includes both stablecoin and GTC holdings
- This is an 11.89% increase ($4,687,629.82) due to 10ETH transferred from the Passport team and their on-chain revenue - well effing done Passport team! (I hate to use the the wrong mentions so pls help me show some love in the comments
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Runway
At the end of October the total GTC held in the treasury had a value of $44,104,582.82 and a GTC price of $0.896933 per token (30 day average).
Our current Runway as of October (based on holdings and average token price) = 58 Months
Last total month’s expenditure: $670,896 which is 4.16% ($29,104) under our targeted budget of $700,000.
October
September
Token spend in October
We had a total USD spend of $682,893 in September, and $670,896 in October - with October’s USDC spending at $488,363, 148,159 GTC and 3.9ETH.
Key Financial Insights October
Total Contributor Costs
- $582,180 including full-time contributors, and part-time support. This doesn’t include travel or any other staff related expenses, coming in at -$71,732, a 10.97% decrease
Other Notable Operating Expenses
- Severance: We’ve offboarded a couple of contributors this month resulting in $17,422 extra costs not captured above.
- Contract Deployment: (i.e Faucet/Gas Subsidization - see below) Allo launched V2 in October. lfg! This resulted in a gas/faucet subsidization costs increase @ $3,800 to get the protocol on Mainnet. (same thing with @ mentions noted above - show the Allo team some love y’all! )
- Software/Subscriptions: Due to some new processes we were able to catch some legacy accounts that were running without our knowledge. We’re working with partners to minimize costs and issue refunds where possible moving forward.
Summary
Bars go down. We’re working on the broader picture without restricting growth but we’re working leaner, meaner and quicker. The work we’re doing is more focused, and the teams are excited about the strategies that are emerging.
| Budgeted | Actuals | Variance | % Difference | |
| October | $801,204 | $645,896 | -$155,309 | -19.4% |
Monthly Breakdown
October
| Budgeted | Actuals | Variance | % Difference | |
| Contributor Expenses | $653,913 | $582,180 | -$71,732 | -10.97% |
| Travel | $25,188 | $7,195 | -$17,993 | -71.43 |
| Audits | $51,667 | $0 | -$51,667 | -100% |
| Software & Subscriptions | $21,671 | $24,319 | $2,648 | 12.22% |
| Faucet/Gas Subsidization | $5,300 | $12,064 | $6,764 | 127.62% |
Thank you all for you. This report will only improve in time (and with your feedback) and we’re excited for what’s next. wagmi 