BIP: #21
Title: Get BendDAO’s financial reports from Unboxing Labs
Idea(BRC): Discord
Authors: joHn#9880
Created: 2023-02-17
Date Posted: 2023-03-02
SUMMARY
This is a proposal to get BendDAO’s financial statement (provider: Unboxing Labs, team of financial experts (CFA, CPA) & experienced data engineers) for community members to review and use in decision making on a regular basis.
BACKGROUND
Understanding the financial health of an on-chain biz (protocol, DAO, company etc.) is cumbersome, difficult, and painful with the lack of a common structure like the traditional financial statements. People therefore blindly look at TVL & APR when deciding to jump in, which is FAR from a well-managed investment tactic. There’s been many on-chain data providers and analytics service, but the industry has lacked a reliable way to view the key financial health indicators in a comprehensive way that drives effective decision-making.
With many learning the hard way, the need for a clear, understandable financial statements is increasing. (Top DAOs like MakerDAO has been leading the way (ref: https://twitter.com/MakerDAO/status/1621238894418137088?s=20) ). The adoption of such financial statements across the industry (to standardize the way of managing and reporting the financial health to the relevant stakeholders) is what will bring web3 finance to the next level.
Unboxing Labs’ mission is to drive this step-level change in the ecosystem. With the team of financial experts (CFA, CPA) and experienced data engineers, Unboxing Labs produce tradfi-level financial statements of on-chain businesses so they can better inform the potential investors, or in fact any stakeholders. Adopting this for BendDAO will allow BendDAO to better serve both the current DAO members and those who are looking to join the community.
MISSION & VALUES ALIGNMENT
Many people are unaware and/or lacks the knowledge and tools to understand the potential return and risk of web3 financial protocols. This blocks them from using the newly available liquidity to them through NFT finance. Given this, at a bare minimum, availability of reliable financial statements unblocks such potential investors and borrowers from using BendDAO services, by providing them with the necessary information to calculate the return and risk.
As BendDAO continues to grow as one of the leading “banks” of web3, and expands its operation to cover more asset classes and/or offer additional financial products, managing various risks and financial health is going to be the key to success. Unboxing Labs can provide the necessary solutions for in-depth financial analysis and management, ranging from the basic financial statements to modeling of key indicators.
SCOPE OF WORK
Unboxing Labs will provide financial statements on BendDAO’s operation. The level of financial statements is going to be at part with Tradfi’s financial statements (Income Statement, Balance Sheet, Statement of Cashflow). These can be used for both internal management and external reporting purposes.
The goal of providing financial statements for BendDAO is to provide visibility into the financial health of BendDAO so that various stakeholders can make informed decisions. For example, by looking at the income statement and the breakdown of revenue streams, members can understand the biggest revenue driver and the trend in distribution. veBend holders can also get a sense of their expected return.
In addition to the financial reporting, Unboxing Labs can also provide bookkeeping services so that BendDAO doesn’t have to worry about accurate record keeping. Lastly, Unboxing Labs will provide support services to clarify and/or update the info when necessary, as well as answering questions that come up to the community.
In summary, Unboxing Labs will provide all-in-one solution to actively manage the financial health of BendDAO and thus, drive healthy growth.
SPECIFICATION
Unboxing Labs has been exhibiting their expertise with their unboxing of BendDAO. Below are sample reports that show their capability to analyze the on-chain transactions and turn them into readable financial insight. Unboxing Labs can also be creative in providing the report in a format that is most valuable to the community, per their feedback.
Unboxing Labs’ Financial Reports on BendDAO:
- Overview of what BendDAO’s financial statement looks like: https://unboxinglabs.substack.com/p/unboxing-benddao-01
- Decomposing of BendDAO’s revenue streams: https://unboxinglabs.substack.com/p/unboxing-benddao-02-decomposing-benddaos
- Understanding Risk - Part 1: https://unboxinglabs.substack.com/p/understanding-the-risks-of-investing
FINANCIAL IMPLICATIONS
TL’DR: NONE
Generally, Unboxing Labs’s Financial Statement Service is 500 USD/report. But Unboxing Labs will waive this fee for the first 3 months of trial to assess the value, and fine-tune the report type that proves most valuable to the community. Feasibility of additional trial period and/or discount can be discussed once hitting the 3 month mark.
BRAND USAGE
The financial statements and reports will note that they capturing BendDAO’s operation.
SUCCESS METRICS OR KPIS
Viewership & general feedback from the community
NEXT STEPS -
Receive monthly Financial Statements on BendDAO’s operation & discuss during governance call.
NOTE: It is also possible to get the reports weekly.
MY BACKGROUND -
Unboxing Labs is the research arm of NFTBank, the leading NFT valuation expert (used by top dApps such as Metamask, X2Y2) & portfolio management solution. With the data engineers with proven record form NFTBank and the certified financial experts (CFA, CPA) on the team, Unboxing Labs “unboxes” the financial state of on-chain businesses and DAOs for everyone to understand and make informed decisions.
Poll:
- Get BendDAO’s Financial Report from Unboxing Labs
- No
0 voters
