Finance update - September 2021
Hi Pangolin Guardians,
By way of introduction as Master of Coin, I’d like to give you a brief description of myself and my experience. My education is that of traditional accounting, where I obtained a bachelor’s degree in Financial Accounting and followed it up with an Honor’s degree and ultimately qualified as a Chartered Accountant. I’ve worked in various industries, ranging from large multinational corporations to local industrial company’s. I strongly believe in transparency and honesty, especially when working with finances, and these qualities will be evident in my work. Whilst Pangolin does not operate as a company there still remains an obligation to disclose accurate information in an easy, understandable format to the community. I also welcome any suggestions to better serve you. I look forward to contributing positively towards Pangolin’s future
Our treasury continues to have healthy overall balances, valued at 19m PNG or 36.9m USD at date of writing. The Wallets are split between our Governance, Secondary Voting, Working Capital and Swap Fees wallets, each governed by specific objectives and safeguarding initiatives.
The swap fees income is generated through the 0.05% (1/6th) swap fees from trading volume on Pangolin. The first week since going live our swap fees have accumulated the equivalent of 208k USD, which has exceeded our initial estimates for this income. The plan is to convert the various coins in the wallet to AVAX/USDT and transfer this to the Working Capital multisig wallet in order to satisfy the requirements of the Market Maker (Engaging a market maker).
Below is the table of the expenses up to the last payrun on 1 September 2021, Payruns are done bi-monthly (ie 1st and 15th). The expenses below relate to the daily operations with Engineering costs (community contributors), Salaries (core team), Marketing and Legal fees contributing the majority of the expenses. We are starting to see expenses increase as we drive the objectives of the community in order to set a platform for the future of Pangolin. With that said there will be large cash outflows in the coming weeks/months as we incur CEX listing fees and provide working capital to the Market Maker. The listing fees will be classified as expenses as they are incurred as part of the daily operations of Pangolin, however the outflow to the Market Maker for liquidity and market depth is not an expense as the money is still ours and will remain on our balance sheet as an asset.
Note: Values stated in PNG