Thank you for sharing this analysis of Lido’s financial data. It is great to see this level of work and attention to detail from the community.
As a part of the Finance Team I agree with your observation that Dune-based reporting, in its current form, has limitations when it comes to producing a comprehensive financial view. While revenue can be tracked relatively well and in a timely manner, the dashboard view is still constrained by how the underlying data is presented.
In particular, the current setup is closer to a cash- or transfer-based view than to a fully accrual-adjusted financial view. This creates a few limitations:
- expenses are not presented on an accrual basis;
- some line items require reclassification to better reflect their economic substance;
- not every token movement out of treasury corresponds to a transfer of economic ownership from the DAO to an external party, which can make raw wallet-level flows insufficient on their own for financial reporting purposes.
This is one of the main reasons we prepared and published an accrual-adjusted financial report, incorporating material adjustments. You can find it here: [link].
In particular:
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we recalculated TRP-related expenses on an accrual basis, whereas in the dashboard view they are otherwise captured within operating expenses;
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Deposit Referrals, which appear within Liquidity Expenses in your analysis, were reclassified into Cost of Revenue;
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more generally, where raw dashboard outputs do not fully reflect the underlying financial reality, we apply manual review and adjustment in order to improve it.
Regarding treasury position, the relevant breakdown is also included in the same report (see the Treasury Position table). The sUSDS component is included under “Stablecoins in DAO Treasury (mUSD)”, although it is not currently shown as a separate line item.
More broadly, fully agree that reliable, consistent, and standardized financial reporting is important for community. This is also iterative work on our side: we are continuing to improve both the methodology and the presentation. Our goal is to move toward a more standardized reporting approach that is easier to interpret, easier to compare across periods, and more familiar to readers used to traditional financial reporting conventions. And that sounds like an interesting idea - providing users with a structured data layer that can be accessed and analyzed by agents, thank you, we’ll give this some thought.