#31 - Treasury report July 2023
Breakdown of the current Merit Circle ecosystem treasury including any outstanding investments
This report contains a breakdown of the Merit Circle ecosystem treasury as of the 30th of June 2023 (herein referred to as the "Treasury").
With the coming of a new month, we are glad to share the latest treasury report. In this report, we provide an exact overview of Merit Circle’s current financial status. We share a breakdown of the current treasury including any outstanding investments, buybacks and other financial activities.
This treasury report is based on the status of the treasury on the 30th of June 2023.
Treasury status
In the past month the treasury decreased from $94,730,264 in May to $94,108,348 at the end of June, a 0.6% decrease from the previous month.
Live treasury dashboard v3
It’s with great excitement that we are able to present the latest treasury dashboard. This new iteration presents itself in a brand new design, looking fresh and more in sync with the others online environments of Merit Circoe.
The dashboard has now been updated with the most recent data.
Visit the dashboard here - treasury.meritcircle.io
This dashboard has been developed by contributor CryptoCarl.
Portfolio update
We firmly believe that providing thorough and meaningful treasury reports is paramount to our mission of transparency and accountability. It is with this commitment in mind that we're excited to present a more comprehensive overview of the state of our portfolio.
In this update, we'll be delving into the details of five of our key portfolio projects, revealing their respective journeys over the past quarter. As always, we welcome your questions, feedback, and engagement in this ongoing narrative.
Gameplay Galaxy (Trial Xtreme)
Over the past quarter, Trial Xtreme has made strides in its development, culminating in a successful closed alpha. Players from 60 countries, notably China and the United States, took part, dedicating an average of 61 minutes each day to immerse themselves in the engaging storyline and competitive tournaments. As they crafted and fused 5,255 and 4,779 bikes respectively, a robust and passionate community was forged, providing the developers with priceless feedback.
Looking ahead, the game is now preparing for the upcoming beta phase, leveraging the promising figures and learnings from the alpha. The active involvement of Merit Circle’s community members through the Merit Gamers not only enhances the gaming community on our side, but also provides constructive feedback for the game developers.
Stay tuned for the beta testing and get ready to join the exciting journey at https://trialxtreme.xyz/beta.
Pixion Games (Fableborne)
Over the past quarter, Pixion Games made a substantial leap forward with Fableborne, not only securing a successful $5.5 million fundraise (with Merit Circle committing $500,000) but also executing two highly effective playtests. Both Playtest II and III were impressive in their consistency and their ability to deliver actionable insights, truly demonstrating the team's commitment to building in public. Players dove headfirst into new features, experimenting with strategic raiding approaches, different heroes, and unique builder strategies, with game ratings hovering around a commendable 8 out of 10 mark.
The Merit Circle community hasn't just been on the sidelines but right in the thick of things, actively participating in all playtests so far. Our very own Head of Community, Professor LP, won the Fableborne Creator Cup! With player progression, new towers, heroes, and an enhanced island-building experience in the pipeline, Fableborne's future looks more than promising.
OhBabyGames
In the last quarter, Oh Baby Games brought a fresh wave of excitement to the gaming realm. The thrilling "What the Kart" not only got a full graphic revamp but also introduced the intriguing 'Ghost Mode' - a feature that records players' performances, creating semi-transparent ghosts for competition and self-improvement. Simultaneously, the team gave us a sneak peek into a brand new turn-based rogue game, piquing our interest. Then, leaving us on the edge of our seats, they showcased the first boss of their upcoming platform game - a hand-drawn marvel that stands out in the gaming world.
The anticipation for one of their games,"What the Kart", hit a fever pitch with the launch of its Alpha Wave One. The stealth mode of the game created an air of intrigue, with signups maxing out for the inaugural playtest. The Merit Circle team jumped into the fray, participating wholeheartedly in the latest playtest.
The journey ahead is equally exhilarating, with two more playtests and betas on the horizon. You can sign up here —> https://www.ohbabygames.com/
Raini Studios
Raini Studios' trading card game, 'Raini: The Lords of Light', has become a beacon of intrigue in the blockchain gaming scene, gaining attention at key industry events such as the GDC, AVAX Summit, and 3XP. An exciting development is the imminent launch of the game on the Epic Games store this July 24th. In anticipation, a dynamic new trailer has been unveiled, further igniting the excitement surrounding this release. Accompanying this is the Tempus NFT Launch, promising to infuse the game with potent mythic spells and game-changing card types.
Peering into the future, Raini Studios is preparing to roll out a comprehensive 'web5 Raininomics' economy update. This development seeks to build an inclusive gaming environment bridging the gap between free-to-play and web3 gamers. A pivotal decision regarding the network the game will be built on is stirring interest in the blockchain gaming community. Despite the introduction of intriguing token elements, it's the imminent Epic Games launch that holds our eager anticipation.
Add Raini to your wishlist here.
Azuro
In the past few months, Azuro has been making serious strides in the decentralized betting arena. The launch of their Azuro Advocates program signals a vibrant and inclusive future for the ecosystem, extending a hand to those passionate about shaping the world of on-chain betting. Beyond community-building, Azuro has made substantial improvements to their operation. After tackling initial liquidity and node stability issues, the protocol has reinstated deep liquidity to its most popular markets, promising to facilitate larger bets and cater to a growing roster of events. Notably, Azuro has also spread its wings to go live on Arbitrum, amplifying their reach in the world of decentralized applications.
Breaking new ground, Azuro reached a series of significant milestones. A high point being the monumental $390k in bets placed for a single event – the Sevilla vs Roma match. Furthermore, Azuro's recent success is underscored by the remarkable $3 million in bets placed in May 2023, and the celebration of 10,000 unique users. As these achievements indicate a thriving and dynamic ecosystem, we simply can’t wait for the next big sports tournaments.
Treasury overview
The treasury balance as of the 30th of June 2023 is $94,108,348
When calculating our treasury’s balance, we only include non-native assets. This means we do not count the balance of MC tokens towards the total balance of our treasury since it might paint a diluted picture of the reality.
Since MC tokens will not be utilized for investment purposes, they will not be included in our balance sheet. Those interested can view the current balance in the main wallet to be viewed in the wallet overview beneath. In that sense, we have not included negligible balances marked as working capital instead of additional treasury funds.
We will break down the treasury in four categories; cash, staking, NFTs and tokens & equity.
Cash
Staking
NFTs
Tokens & equity*
*On Xeric
Xeric has been discontinued as a project and therefore removed from the treasury report. The project had initially been planned as a joint venture project. Sadly, the team that proposed the project did not live up to Merit Circle’s standards in the few months we worked together, agreements were not kept, and the core contributors of the Merit Circle DAO ultimately saw little value in the scope of the product in the current competitive aggregator landscape.
The project would only have worked with a much higher speed of execution and that only works if a team is completely aligned. For that reason, the core contributors of Merit Circle also decided not to continue the project with a different team, but rather focus more on joint venture projects with more promising scopes in the current competitive landscape.
As an organization, we have learned from this endeavor to only partner with people that are fully aligned with Merit Circle’s vision and work with high integrity. A good example is the team over at Forgotten Playland as well as various other studio partners. We’ve learned the importance of vetting teams on various levels, as well as the importance of getting hard contracts in place right away, instead of relying on someone's public reputation, proposal, and word during the bootstrapping phase.
Wallet overview
To operate completely transparent, we would like to provide a full list of wallet addresses Merit Circle currently utilizes.
Ethereum
Binance smart chain
Solana
Ronin
To conclude
We remain committed to transparency, diligence and dedication. We hope that you will find our upcoming report insightful and valuable, as it is designed with the community in mind. We are looking forward to sharing our next report early October. This means that from now on we will release treasury reports on a quarterly basis.
Thank you once again for standing alongside us on this journey. Your continued support is invaluable and truly makes a difference.
Notes
All of the balances and prices are based on calculations made on the 30th of June 2023.
All of the investments made after the 30th of June 2023 are not included in the treasury report unless specifically mentioned.
This report represents the Merit Circle ecosystem treasury as of end of June 2023, which includes assets held by the Merit Circle DAO, and DAO-adjacent entities, including the Merit Circle ecosystem purpose trust and Merit Circle Squared Limited held on trust for a purpose (jointly herein referred to as “DAO assets”, “DAO treasury” or similar). The assets held by DAO-adjacent entities are not controlled by the DAO or held on behalf of it. The DAO can however exert certain checks and balances on the DAO-adjacent entities and the entities have a mission and purpose that is aligned with the DAO's, including to accelerate the growth and development of the Merit Circle ecosystem. This report has been prepared based upon information from sources believed to be reliable, including market prices, data and other information from such sources, but such information has not independently been verified and this communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.
This report is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services. This content is not directed at nor intended for use by the Merit Circle community or others, and may not under any circumstances be relied upon when making a decision to purchase any digital asset referenced herein. There can be no assurance that the investments mentioned herein will be profitable. The digital assets referenced in this report currently face an uncertain regulatory landscape in several jurisdictions. The legal and regulatory risks inherent in referenced digital assets are not the subject of this content.
Charts and graphs provided in this report are for informational purposes only and should not be relied upon when making any decision. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.