Financial report - 2021-06

The financial report for June 2021 is available here .

In short

A challenging month following the May crypto crash leading to lower lending demand and income, as well as lower liquidation income. PSM income was up 2% and net recurring income was down 44% month over month. On a year over year basis, all key metrics are up significantly with recurring income up 669x.

  • Recurring income decreased to 7M (-44% vs last month)
  • DAI was never so safe. We are now above 2.61% in CET1 ratio (risk-weighted assets leverage ratio).
  • The peg is super safe as we have 63% of our assets as liquidity reserves (fiat-backed stablecoins)
  • But we have now a 61% exposure to USDC which is probably too much on a single counterparty (see here for our view on it).

Selected slides

10 Likes