Financial Community Update (July 2021)

Hey Pangolin Guardians,

This is a continuation of my monthly series into the finances of Pangolin.

Expenses

Below you’ll find the totals of our expenditure to date. These figures are from our first 2 months of the core team being elected. Please note All figures are shown in PNG.

Let’s talk about the top 5 biggest line items:

  1. Marketing - This is almost exclusively from the Gate listing
  2. Salaries - This is the salaries of the core team.
  3. Legal - This is used for legal advice on all our contract negotiations and also includes the fee’s for setting up legal entities
  4. Engineering - This is used to pay our community contributors
  5. Mods - This is used for moderators to manage our online communities as well as run some business development

Burn Rate

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What our burn rate tells us is that we need to ramp up spending. We have a very healthy Treasury and it’s important that we start spending that money to ensure Pangolin’s future. Some of the items we’ll be investing in over the upcoming months are:

Headcount

  • UX Designer - Abdullah will be starting on the first of September
  • Front end/Mobile developer - Sarju has been working with the team and will introduce himself to the broader community in the next few days. Sarju will be building out the redesign of the front end as well as maintaining the front end code bases
  • Head of People - With a DAO, our people are located all over the world. This presents some unique challenges from a people perspective. How do we ensure that all our members are being looked after and that they’re getting the benefits that they’d have in traditional jobs. We are starting to look for a Head of People to help manage our rapidly growing team.
  • Master of Coin - We’ll be looking for someone to step into this critical role.

Administrative

  • We’ll be setting up a legal entity in Europe and the US to handle those geographic regions. Setting up legal entities allows us to engage in contracts with Suppliers and also to have bank accounts for when we need to pay or receive money from entities that don’t accept crypto
  • Market Maker - This will be formalised in the upcoming week or two. We’re just finalising some terms on the contract
  • Audits - We have engaged three separate auditors. We will classify the work we need to perform in terms of complexity and based upon that, will engage the relevant auditing firm. The firms are Certik, Halborn and Trail of Bits.
  • Security advice so we can sell PNG to US citizens. We have engaged a firm and they will be providing us this fairly soon.

Community members engineering effort

  • We have started writing contracts for Index funds on Pangolin.
  • We will be pursuing a GitCoin integration. This will greatly help with offering Bounties and Grants to the community. Currently alot of this work is being distributed to known community members. However it’s not truly decentralised and isn’t as fair as it could be. GitCoin will greatly help us to make this a more fair process
  • Rotki - We will build Pangolin into the Rotki application
  • AB Bridge migration - Most of this work has already occurred, but you’ll see the fruits of our labor very soon.
  • Better Analytics - We’d like to have much more mature analytics. We look to Nansen as inspiration for our design goals
  • Compliance. We’d like an ability for users to be able to export their transactions into Excel/Sheets. This will help them greatly with preparing their tax returns
  • Fiat on ramp. Most of the engineering work is done here, we are just waiting for Wyre to complete their piece.
  • Researching the viability of implementing TWAMM
  • Potentially implementing Moloch to help provide a more mature toolset for DAO’s building on Avalanche
  • Lots more…

Treasury

I’m going to add a Treasury section in these updates moving forward. DeepDAO provides a great resource to see how much money other DAO’s have.

Currently we have approximately 18,2 million PNG in our Treasury. At today’s prices that sits at approximately $16,5 million USD.

If we look at the below that puts us in 25th place. A very healthy position.

I’ll be following up with a post soon, with an analysis of all the Treasuries above us in the list to help us determine the best way forward.

As always looking forward to feedback and healthy debate.

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