Umami Treasury Update — July 2022

Your monthly Umami treasury update from Wen Moon and Steven-T

Overall Performance

Treasury value, excluding UMAMI token holdings:

  • End of June, $4.24M
  • End of July, $6.16M
  • The total crypto market cap was $0.894T on June 30th and 1.128T on July 31st, which is a net increase of 26.2%.
  • The price of Bitcoin was $18,888.00 on June 30th and $23,288 on July 31st, which is a net increase of 23.3%.
  • The price of Ether was $1025.00 on June 30th and $1677 on July 31st, which is a net increase of 63.6%.
  • 48.6505 ETH (57,463.47)
    38.1712 wETH from GLP, (29.4612 wETH) distributed to marinatoors
    10.4793 ETH from Uniswap kept for reinvestment
  • 766 esGMX ($30,731.91)
  • 114,908 TCR from staking ($5,285.76)
  • Uniswap V3 fees ($33,986.78 Inc. UMAMI)
    10.47935 ETH
    272.975 UMAMI
    52,742 TCR
    17754 KROM
    4685 USDC
    29000 L2DAO
  • Smaller amounts of FXS, and other alts

Treasury positions and changes:

Currently the breakdown of our treasury is:

  • 65% GLP, GMX, esGMX
  • 12% Uniswap Liquidity pools
  • 6% ETH
  • 4.5% Hedge Short positions
  • 4.5% Stablecoins
  • 8% Alt coins

GLP & GMX

This month GMX crossed a number of important milestones. With total volume exceeding $50B and fees on Arbitrum exceeding $50M, it’s no wonder the hedged GLP position is still one of our largest holdings. It’s outperformance relative to the rest of the market is holding strong this month.

Tracer Perpetual Pools

This month, we closed the majority of our short positions on Tracer. This was both in order to make way for our vault so it can have a better liquidity runway and to have more flexibility on our hedges.

Uniswap v3 LPs

It’s been an active month for Umami’s Uniswap liquidity positions. The UMAMI/ETH pair had its highest monthly transaction volume ever, with over $2,382,000 traded! This translated into higher Uniswap fee rewards ($33.0k) compared to June ($12.6k).

Altcoin Positions

There were several positive events with our Altcoin’s including a 530% increase from our partner L2DAO’s token. The acquisition of L2DAO tokens were a result of a partnership to build liquidity for their trading pair on Uniswap. We plan on continuing to LP the tokens and collect trading rewards.

Final Thoughts

This has definitely been an interesting month for the overall markets. Despite the US officially entering a recession with record high inflation numbers, the market has been rallying possibly due to the yield curve moving lower and market positioning being short risk. As always, we aim to take no view on the market with our treasury. Instead, we aim to systematically add and remove hedges to gear ourselves best for new product launches.

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