Hi @Kuzmich and @BCV , thank you for your detailed comments and questions.
We have reviewed the classification of expense categories on the Dune dashboard, corrected the identified issues, and updated the dashboard accordingly (see screenshot below).
We are planning to publish an analysis of actual expenses for the full year 2025 with explanatory notes by the end of Q1’26; however, a breakdown by expense categories is already available on the dashboard here: https://dune.com/queries/2464243/4053073
We will also continue to monitor the accuracy of the financial information presented on the Dune dashboard and ensure that the data remains up to date going forward.
It’s important to note that the reason for the high operational expenses in December shown on the previous screenshot was largely due to internal fund movements rather than actual operating costs.
Specifically, in December there were several atypical transactions that essentially represented internal circulation of funds into sUSDS and transfers to the treasury and reserve funds. These were driven by previously approved DAO initiatives (see: TMC-6: Convert DAO Treasury stablecoins into sUSDS… and Establishment of a Dedicated Bug Bounty Reserve Multisig )
We appreciate the interest in transparency and will share more detailed information once the analysis is complete.