Financial report - 2021-05

The financial report for May 2021 is available here .

In short

A record month in lending income, liquidation income, PSM income, and, therefore, net income.

  • Recurring income hitting 23M for the first time (+85% vs last month)
  • DAI was never so safe. We are now above 1.75% in CET1 ratio (risk-weighted assets leverage ratio).
  • The peg is super safe as we have 48% of our assets as liquidity reserves (fiat-backed stablecoins)
  • But we have now a 48% exposure to USDC which is probably too much on a single counterparty (see here for my view on it).

Selected slides


At this rate of growth, how much do you think the protocol’s earnings will be?

I would say between 50 and 150M as net income for 2021 :slight_smile: Competition is strong and is coming (institution willing to lend on Compound/Aave or directly against ETH for their customers).

Anything is possible.

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50 Million puts us ahead of many, many industries in overall profitability, I think something similar to that was mentioned that I said I don’t remember well.

this income is really meaningful. Generating income in the crypto market is essential. We did it and the quantity doesn’t really matter.