Dear Finbloxers,
We're happy to provide our thirteenth monthly Transparency Report, which is designed to bring some peace of mind to our users so that they know where their funds are being deployed. The allocations presented below are subject to change depending on strategy performance, future yield projections, and the evolution of the customer deposit mix.
*The report is subject to market changes and numbers shown are a rough estimation
**Target asset allocation is for reference only and subject to change per market conditions and business strategies
Markets
The blowout of LUNA continues to impact market participants, though the effects are decreasing over time. Here are the highlights of June 2023:
Bitcoin breached the key $30k level at the end of June and has maintained that level since bringing some positive price action for the end of month
CoinLoan declares insolvency as it has EUR68mm in assets vs 206mm in liabilities
Several ETFs were announced by significant TradFi institutions, most notably Blackrock. Blackrock has only had one failed ETF application in recent decades
NFT market ripe for phishing as The Block reports rampant discord and twitter phishing for NFTs
Prime Trust reportedly lost some of their private keys
ETH TVL was down slightly in June with Fantom experiencing the largest drop in TVL by %
Finally, we launched FBX! Now the hard work continues which started with out T-Bill Yield Tokens announcement in the 2nd half of June and our Bloxies release this week
Yield Changes
We made three yield changes in June:
BNB: 1.5% to 2%
USDC: 5% to 4%
APE: 37% to 22%
DeFi Allocation Increase & Risks
We’ve made no material changes to our allocations between Defi and CeDefi/CEX exposure. All current customer assets remain in DeFi protocols/projects or self-custody wallets. Defi remains at risk of protocol and smart contract exploits.
Target Allocations
We did not make any significant changes to our allocations.
Our target allocations for customer assets that were initially set in July and updated in November 2022 have not changed:
DeFi protocols: 40-90%
Centralized exchange (CEX): 0-5% (used for temporary asset bridging between networks, i.e. USDC_ETH → USDC_POLY and vice versa)
Self custody: 5-15%
CeFi platforms: 0%
As of the end of June, our allocations are as follows:
DeFi protocols: 61.4%
Centralized exchange (CEX): 0%
Self custody: 38.6%
CeFi platforms: 0%
We believe in providing transparency to our users on the company's activities and aim to increase our users’ view of where their coins and tokens are and how they are performing. As always, we'd love to hear more feedback about the types of info you want.
All the best,
The Finblox Team