It’s hard to deny that 2022 was a rough year for Web 3.0. Through the never-ending red candlesticks, mounting regulatory pressure and outright fraud, we’ve all received yet another lesson in why building trustless financial systems is so important. It’s the New Year now, and a new opportunity to build trust and trustlessness in novel and exciting ways. And we’ve got a lot in store for 2023…
The Importance of Trust
At Beefy, trustlessness has always been at the center of our protocol. Our code is open source, audited and maintained publicly by our industry-leading team of core contributors. However, beyond the code, we respect that trust is a vital component of building strong communities and exceptional businesses that can change the world.
For those reasons, we’ve worked tirelessly to increase trust and transparency across our organization, by implementing open governance, hosting our treasury publicly on chain, seeking DAO approval for material financial decisions, and running our operations in plain sight. We hope that by simultaneously pursuing higher levels of trust and trustlessness, we can offer our users the best in safety, performance and inclusion from across the industry.
But we’re not finished there…
Insights into our Finances
The next step for Beefy is to use the power of blockchains to provide better insights into our live financial position, to enable anyone to properly assess our performance and safety. Though the nature of blockchains is such that any enthusiast can (with a bit of sleuthing on block explorers) identify and track the operations of notable organizations, we feel that this alone is not enough to justify placing your trust in them.
We want to take things one step further, and make the process of understanding our treasury as easy and accessible as we can. In an ideal world, any user should be able to dive into our financials with just a few clicks, and come to a view on important issues like our solvency and capital allocation decisions with minimal effort. No code or complex transactions, just real honest live data that’s free to all. Ultimately, we believe that if users are going to be able to trust Beefy with their assets, Beefy must first trust them with ours.
Introducing Treasury Dashboard
With that in mind, we are pleased to launch our new Treasury Dashboard, which brings a complete picture of our financial health within 2 clicks of your favorite vaults. With no gatekeepers or hidden data, anyone can view the full live picture of our treasury immediately.
With the new Dashboard, you can get a summary figure for our total holdings across all chains, as well as totals for each chain separately. The page also breaks down our holdings into every different asset on each chain, giving both the nominal amount of tokens and their current $USD value.
We’ve also included an overarching “Asset Diversity” figure, which shows the total number of unique assets held by our treasury (including different bridged versions of the same token). There’s even a “Token Exposure” chart, which displays the proportions of our treasury occupied by the largest asset groups, like stablecoins.
We hope that you’ll be as interested as we are to dig into the details of Beefy’s current financial position, and that the Dashboard makes this process easier than ever. And we also look forward to building more tooling for trust in the near future, to reach a better decentralised financial system for everyone.