https://blog.honey.finance/q1-2023-financial-report-955b7affc8c4

Happy Spring!

With 2022 coming to an end and a new breath in the markets early this year, all was looking like smooth sailing for the crypto industry. This first quarter of 2023 was full of excitement.

At Honey, we weathered this storm well, shipping new products weekly, defending our treasury, and growing as a protocol and community.

As Honey evolves along its multi-chain journey, the team is working overtime to ensure that all feedback gets responded to. As mentioned in the previous report, at Honey, we have begun integrating feedback-driven development into our development cycles. This feedback allows us to iterate faster, shipping and resolving most critical issues in under two weeks.

Diving into the Quarterly breakdown:

https://miro.medium.com/v2/resize:fit:1400/0*i0z_kmSMj1O-rY0p

Weekly costs over the quarter by Niko

https://miro.medium.com/v2/resize:fit:1400/0*7zWblkWvZLN2S3JL

Graph of weekly costs by Niko

Throughout this quarter, we have continued to reduce our burn. We aim to obtain the current output level with a weekly expenditure of 10–12,000 USDC per week.

These costs are separated into two significant categories, Development and Communications. We can see this breakdown below:

https://miro.medium.com/v2/resize:fit:1400/0*Cr5Z9ec26fxH-45p

Internal costs over the quarter by Niko

Our share of Communication expenses continues to increase as we expand with marketing, customer acquisition, and support.

With Honey’s deployment on Arbitrum and recently Polygon, 3.5 ETH(<6,000 USDC) was spent on acquiring NFTs and tokens for various giveaways and rewards. This was allotted as part of the communications budget for obtaining users and marketing Honey’s products.

With Honey growing cross-chain, many partnerships are being formed on Polygon, Arbitrum, and Solana. Positioning Honey as the back-end infrastructure and liquidity for NFTs across multiple chains and protocols, a move the team is thrilled to explore.

Review of Holdings:

https://miro.medium.com/v2/resize:fit:1400/0*4rFzpYIwVffsUjnv