2023 Rewind: A Bento Box of Squiggles and Successes
It has been a riveting year at SquiggleDAO. In this culminating newsletter for 2023, join us for a thrilling retrospective as we revisit the standout moments, inviting you to immerse yourself in the dynamic journey of the past year.
Two Graphics For One Great Year
More of a TLDR kind of person? Fair enough, but check out these 2 graphics that summarize our entire year 👀
We encourage you to read some of the details of these exciting events and achievements below 👇
Our Treasury is Healthy & Thriving
We are extremely bullish when it comes to Squiggles and we know that they are going to survive many market cycles. This year we reevaluated our treasury to optimize for long term health.
We restructured the DAO and are now on track to profitability. By cutting expenses and spending, we extended our runway from 3.4 to 5.2 years (6.5 years before token buyback). During this we lowered the core team headcount from 11 to 4 people to adapt for the bear market, lowered our burn from $82,000/month to just $36,000/month, and decreased token dilution by 63%.
The final piece of bolstering the financial well-being of our treasury was executing a SQUIG token buyback where the DAO purchased 12% of the outstanding tokens. The SQUIG tokens were repurchased at a 77% discount to NAV. As a result, NAV increased by 9%, benefiting all the remaining token holders.
Monthly Cadence of Execution
This year the core team has made it a priority to execute. We set out to create a roadmap that brings value to the community, build products that benefit Squiggles, and make SquiggleDAO the hallmark of all DAOs. With a lot of hard work we were able to make that happen on a monthly basis in 2023:
January - Squiggle Sets
February - Newsletter
March - Curated Traits
April - New Website
June - Legal Structure
July - NFT Card
August - Merch
September - Website Upgrades
October - Podcast
November - Elevate Heart
December - $1,000,000 loan
Squig Studios Sets The Tone
SquiggleDAO was honored to bring “Elevate Heart,” the artistic vision of talented artist Daniel Calderon Arenas (DCA) to life this year. The project released on November 27th, 2023 to mark the 3rd anniversary of Art Blocks and day zero projects of DCA (Genesis) and his brother Snowfro (Chromie Squiggle).
Watch the documentary that guides you through the lives of brothers Daniel and Erick. A story that has been 38 years in the making:
A few other noteworthy details about the project:
SquiggleDAO members could claim 1 free mint of the project
Elevate Heart sold out
Traded more than 60 ETH of volume on secondary in the first 24 hours
SquiggleDAO Podcast a Success
In September we launched the SquiggleDAO Podcast, hosted by Nifty Fifty and Jared_poz. Squiggles have one of the most influential collector base in all of NFTs. The goal of the podcast is to bring more interest to Squiggles by giving a platform to these collectors, visionaries, and creators.
In the short time since launch, we have had 1,800+ views/listens, seen our subscriber counts grow, and lots of new people being introduced to Squiggles/gen art via various social media posts.
Our season 1 lineup has been incredible:
EP 1 - VonMises
EP 2 - Kevin Rose
EP 3 - Derek Edws
EP 4 - Jonas
EP 5 - JDH
EP 6 - bygbyrd
EP 7 - ChrisF
EP 8 - Gmoney
And season 2 will keep that trend going 📈
EP 1 - Aaron Wright
EP 2 - Ryan Zurrer
EP 3 - Seedphrase
EP 4 - Priyanka
EP 5 - Snowfo
EP 6 - unconfirmed*
EP 7 - unconfirmed*
EP 8 - unconfirmed*
Governance Proposals
Passed ✅
SDGP-004: Treasury Management 2024
“SDIP-41 Treasury Management 2023” authorized the Treasury multi-sig holders up to $1M equivalent for treasury management activities until December 31st, 2023. This included swapping from USDC to other Treasury Assets (including our own token, be it the ERC-20 or the ERC-721) and vice versa, swapping from other assets to USDC, in order to maintain the health of our treasury during changing market conditions.
This proposal has 3 objectives: 1) to report on the use of funds under SDIP-41, 2) to reset the authorization of $1M equivalent for treasury management activities (including yield generating activities such as staking ETH) until December 31st, 2024 and 3) to authorize Treasury multi-sig holders to obtain financing up to a debt-to-equity ratio of 10% (at inception) and swap those funds into Treasury Assets.
Read on
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