[EGG] Lido Labs BORG Foundation Grant Funding Request

Acknowledgement

Thank you for the feedback, @Jenya_K, and for holding us to a standard of proof!

Thank you to @steakhouse for their continued commitment to budget creation; without them, these numbers would be impossible to deduce.

For the contributors and community, allow us to address how we came to the former total budget numbers.

Introduction

We feel that this explanation corroborates our numbers and will allow the community to come to a conclusion on their accuracy. For a more detailed explanation of our findings, APPENDIX A in the Lido Governance Manual links to an Excel sheet titled “Budgets”.

Explanation For Budget Comparison

Here are all the budget periods ever proposed Q1 2022, Q3/Q4 2022, Q1 2023, Q2/Q3/Q4 2023, Q1/Q2 2024, Q3/Q4 2024, Q1 2025, Q2/Q3/Q4 2025. The budget periods are inconsistent which makes them incomparable – on a relative basis – when measuring total budgeted allocation. Our explanation below will only explain the totals, not the categorization for G&A, R&D, and S&M (for more information, head to linked APPENDIX A).

In order to compare the total budget allocation we must normalize for time-period. In our data, we normalized the data to be yearly. Notably, the data you see above does not account for the budgeted LOL spending because it is categorized as distinct from operating expenditures in Steakhouses Financials.

2022

Q2 2022 (Source 1)

Not accounting for contingency because that is an authorized but not allocated budget expense the Total OP EX is equal to $1,046,505.00 = 513,504 + 533,001 for Q2 2022

Q3&4 2022 (Source 1)

The Total OP EX is equal to $1,112,883 = 634,881 + 478,002 for Q3 2022 RCC

Q4 2022 (Source 2)

The Total OP EX is equal to $732,710 = 235,543 + 497,167 for Q4 2022 RCC

The Total OP EX is equal to $3,384,854 = 981,869 + 981,869 + 585,558 + 835,558 for Q4 2022 LIDO-1 Budget.

Q4 2022 Total Budget Allocation ex contingency is then $4,117,564 = 732,710 + 3,384,854

Total H2 Budgeted is then $5,230,447 = 732,710 + 3,384,854 + 1,112,883

Total 2022 budget is $6,276,952 = 732,710 + 3,384,854 + 1,112,883 + 1,046,505.00

2023

Q1 2023 (Source)

The Total OP EX is equal to $5,684,998 = 1,230,735 + 1,230,735 + 931,152 + 1,437,458 + 527,458 + 327,458 for Q1 2023

Q2/Q3/Q4 2023 (Source)

Total Op Ex is equal to $20,500,000 = 4,900,000 + 11,600,000 + 4,000,000 for Q2/Q3/Q4 2023

Total 2023 budget is $26,184,998 = 20,500,000.00 + 5,684,998

2024

H1 2024 (Source)

Total Op Ex is equal to $22,500,000 = $6,500,000 + $10,900,000 + $5,100,000 for H1 2024

H2 2024 (Source)

Total Op Ex is equal to $24,600,000 = 6,900,000 + 14,900,000 + 2,800,000 for H2 2024

Total 2024 budget is $47,100,000.00 = 24,600,000 + 22,500,000

2025

Q1 2025 (Source)

Total Op Ex is equal to $11,100,000.00 = 3,500,000 + 4,900,000 + 2,700,000 for Q1 2025

Q2/Q3/Q4 2025 (Source 1, 2)

Total Op Ex is equal to $45,490,000 = 3,680,000 + 1,000,000 + 5,930,000 + 13,280,000 + 21,600,000 for Q2/Q3/Q4 2025

Total 2025 budget is $56,590,000 = 11,100,000 + 45,490,000

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