https://blog.honey.finance/october-2022-financial-report-5197ea16975f
The month of October has been an amazing month for Honey DAO. With the official launch of our first lending market (and all that comes with it) we have finally started to generate profit. However, it should be understood that we have lowered the protocol fee to allow for more growth and testing, so our profits aren’t at their maximum.
Throughout this month we have also had major developments across our protocol infrastructure as a whole. This includes having our governance page deployed on beta (https://beta.honey.finance/governance), the approval of HIP#4, launching Questive with the community (https://tinyurl.com/2pwy5ek8), and having our community grow the Tensorswap pools to help with liquidations and market making on our Bee NFTs (https://tinyurl.com/bddubmmb).
Overall our protocol has truly developed going into Q4, with lots in the pipe coming out till the end of this year. This will be especially interesting as protocol fees get reinstated, permissionless markets begin popping up, and the ecosystem as a whole develops around the Honey protocol.
I’m especially looking forward to growing the profit page as we move through Q4 ;). Now let’s dive into the details…
Weekly costs for the Month of October ( by Niko - @NikoParel)
Chart of the Weekly costs for the Month of October
Over this month we have been unable to keep our expenditures down. This is due to many factors, especially the finalization of our auditing process on Solana.
As the auditing comes to its conclusion, and we have the features rolled out, our expenses will decrease to the 100k a month target that we venture to hit.
However, with the need to attend more events such as breakpoint Honey will see its marketing budget increase to allow proper growth. This would be measured with user count increases as well as partnerships with other protocols and DAOs.
Here we can see the chart and graph for a rounded breakdown of costs this month for the different roles.
Internal Monthly Costs ( by Niko — @NikoParel)
We are working on continuing to expand the communications department as we move towards a period where growth is going to become more and more important.
As our product comes to its final stages of development, it becomes increasingly important for us as a protocol to grow in market share and TVL. This will be our priority for the end of Q4 going into Q1 of next year. In doing this we can generate more revenue from fees which in turn expands the runway. These next two quarters are essential to the success of Honey.
For the next portion of the report, I am doing a deep dive into the breakdown of the DAOs holdings and our updated runway projections.Here we have a list of all the wallets attributed to the DAO. We have bridged a majority of DAO funds from the Solana network to the Etherium and Polygon wallets.