Beefy | Announcements
08 Nov 2023 13:29
### To the Beefy DAO
We are once again delighted to announce to everyone the release of our latest quarterly financial report, showcasing performance from June to September 2023.
On the face of it, our third quarter results aren't great: revenue flowing from vaults shrunk from $824,322 in Q2 to $472,579 in Q3; validator earnings also dipped in line with token prices; and bribe activity was halted during our migration. A number of causal factors are explored in the introduction, but clearly Q3 was a challenging one! The final impact was shrinking gross income of $393,344, and an adjusted net loss of $176,812 (versus gains of $96,963 in Q2).
And yet, there are few frowns to be found around the DAO today. In Q3, we marched through extremely difficult circumstances arising from the Multichain situation, as well as bearish market conditions. Despite that, we produced next-generation technical solutions and implemented an enormous handover across 20 different chains simultaneously, without any critical issues. The new token, bridges and incentive programmes are live and working well, and the price of $BIFI has stayed stable throughout. And the wider market is now also recovering, with our patience through the bear market starting to pay off. The future looks bright.
The Q3 report also includes a few steps forward. Through a new partnership with Cryptio, we have introduced live pricing across a majority of our chains, and near live pricing on the rest. The included Q2 figures have been updated accordingly. It also captures details of our various boosts across the quarter for the first time, including from our Boost Week 2023 in July. Various elements will be updated again in Q4 - as the migration has changed the way we handle revenue across the protocol - to round off a year of rapid development in financial reporting.
We look forward to finishing the year off in style in Q4
Blog:
https://beefy.com/articles/quarterly-report-q3-2023/
Download:
https://www.docdroid.net/GjoKcy9/beefy-quarterly-report-september-2023-pdf
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