Hi everyone, I’m Michael from Llama. As part of Llama’s treasury management grant, we just launched our Aave treasury analytics dashboard on Dune Analytics (you may have already seen an earlier version surface on Twitter). The goal of this dashboard is to provide the community with an easy-to-use resource for diving in to Aave’s treasury balances and growth, revenue and expenses, token holdings, and see where the funds are coming from/ going to.
Dashboard Link: https://duneanalytics.com/llama/Aave-Treasury-Finances-by-Llama
We’re planning to continue to build analyses and create data sets for the community that are useful for governance proposals, treasury decisions, and better understanding how people are using Aave. If you have any feedback or questions, please leave a comment or send me a DM.
Thank you to the Aave Discord for helping answer my questions while building this!
- Current balances for the Reserve Factor Addresses for Ethereum (v1, v2), Polygon, and the Ecosystem Reserve on Ethereum.
- Money In, Money Out, aToken Interest, Liquidity Mining Rewards Accrued, Price Change of Token Holdings, and Total Reserve Factor Balances growth over time.
- Current Reserve Factor balances and distribution of holdings by token.
- Revenue Sources (e.g., Flash Loans, Reserve Interest) and Revenue by Token.
- Expense Transactions and USD Amount by Destinations.
- Track the Reserve Factor’s liquidity incentive rewards earned by holding aTokens.
- Quarterly Statements for the trailing four quarters from any date.
- Ability to set time granularity (i.e. monthly, daily), trailing date range, and go “back in time” to a previous reference date. Default is “trailing 90 days.” (Note that re-running the queries will take ~3 minutes)
Note: aToken interest and liquidity incentive reward rates are approximated by average daily rates.
- “Why Now?” for treasury management: Aave’s Ethereum Reserve Factor reached $9M USD on July 31st, up 3x from the previous quarter ended May 3rd ($2.96M), and 55x Year-to-Date ($163k on Jan 1st). Price change had minimal impact on the Ethereum Reserve, since > 90% is held in stables. But the Ecosystem Reserve, which held $800M+ USD in AAVE tokens, was more volatile with monthly swings due to price as high as +$628M USD and as low as -$350M USD in the past year.
- Sustained Revenue on Ethereum, but Reduced Incentives Hurt Polygon: For the past four months (April - July), Aave’s Ethereum Reserve has earned > $1M USD in revenue, peaking at $3M revenue in May (based on token prices when earned). The Polygon Reserve crossed $1M revenue in May and June, but fell to $670k in July. Daily Polygon revenue fell 58% after MATIC token incentives were reduced on June 18th ($60.5k/day 7-day avg before, $25.1k after).
- aTokens Make the Treasury Productive: V2 earns protocol revenue on reserve state updates in the form of Aave’s interest-bearing aTokens. In the trailing quarter May 4th - Aug 1st, Aave’s Ethereum Reserve earned $41k in interest (0.7% of total revenue), and the Polygon Reserve earned $11.8k (0.3%). Since liquidity incentives launched on April 26th, the Ethereum Reserve has earned ~$25k in AAVE tokens (Polygon liquidity incentive data WIP).