FiRSt Pod - Monthly Update (March)

In March, we faced an unexpected challenge when Exa, who was leading the Strategic Finance workstream, had to offboard from the FiRSt Pod due to the current market situation.

Despite this setback, our team managed to split the remaining tasks for this quarter within our Pod, ensuring a seamless handover and continued progress on our objectives. We are excited for the month ahead and look forward to sharing more about our work below.

Strategic Finance Handover

The seamless handover of Exa’s responsibilities was crucial to maintain the progress of our workstreams. Our team came together to discuss and distribute the tasks among ourselves, ensuring that each member was comfortable with their new assignments. Compensation will be adjusted accordingly to reflect the workload distribution. Here is a summary of the tasks handed over:

  • Work bucket 1: Operational and Governance Risk:

    • Task 1: Outline of how an emergency transaction should be conducted in the DAO. Handed-over to Bernard.
    • Task 2: Identify Operations Recommendations. Handed-over to Bernard
    • Task 3: Outline for Authority Addresses and Ownership. Task was finished. Raambo covers the outcome.
  • Work bucket 2: DeFi strategy analysis and portfolio

  • Task 1: Treasury: Create framework for evaluating health of current or new positions & consolidate DAO assets - Handed-over to Bernard

  • Task 2: Set up Health Dashboards for DeFi strategy. Handed-over to pvl (+ contribution from OGs/ Panda Pod/ 3rd parties)

  • Task 3: - Individual analysis on new DeFi strategy. This was semi handed-over to Panda Pod before Exa’s offboarding already (Panda Pod will do research and wants to leverage OGs for completion)

  • Task 4: G^2: Create framework for evaluating health of current or new positions. Agreed to deprioritize

Risk management

  • Researched factor impacts in the interest of Gro risk management, implemented classification.
  • Researched tracked signals from core Gro contracts, tangent protocols contracts and broader DeFi sector having impact on the Gro stability through secondary exposure. Drafted the initial set of basic trackable signals to be used as composable elements for composite early warning/opportunity discovery instruments.

Emergency situation (Stablecoin de-pegging and measures taken)

In response to the recent stablecoin de-pegging events, our team, together with help from Groda Pod, took the following actions to minimize risks and keep the community informed:

  • Monitored the market situation and the impact of the SVB collapse on stablecoins with Gro exposure,incl. USDC, DAI, and FRAX. As well as announcements regarding the FDIC liquidations of SVB assets, which could potentially reduce redemption pressure for Circle.
  • Proactively reduced our exposure to GUSD to 0 due to unclear bank backing and observed market participants pulling out.

Transactions related to these actions:

Emergency transaction playbook

  • Drafted emergency transaction playbook based on learnings of last incidents BUSD / GUSD / Bank run. To be finalized this month.

Treasury management framework

  • Drafted a treasury management framework to establish rules to ensure that every initial step in treasury management is not exceeding the acceptable risk, adheres to the defined mandate, and maintains transparency throughout the process. To be finalized this month.

Customer interviews

  • 8 customer interviews for a range of product ideas (Customer Validation Idea, Payment Link, AA Gaming SDK) - last ones of the batch scheduled for coming week

Market analysis

  • Conducted research on the Blockchain Gaming Market Opportunity to check for space and angles, i.e., space and angle for a new Blockchain Gaming SDK

Drop any questions you may have below!


The FiRSt Pod