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2019Q3 Funding Transparency Report

Last updated: Dec 06 2019

Introduction

This document provides a high level overview of Grin's financials for Q3 of 2019 (Jul 01 - Sep 30). The purpose is to keep the community up to date on funding activity in transparent and digestible way. The data is derived from what's reported in the financial logs under /grin-pm/financials.

Notes

  1. Data was up to date at the time of writing, but it's still possible that there have been changes and updates in the logs since.
  2. USD conversion rates are derived from the closing price of the asset on the day in question according to Coinmarketcap.com unless otherwise stated.

Status before the period

Disposable funds

At the end of Jun 30 2019, Grin held disposable funds to the equivalent of $828,991.74 in the following assets:

Currency Amount USD x-rate Jun 30 2019 USD Equivalent Wallet address(es)
BTC 76.63672687 10,817.16 $828,991.74 3ChVP627KU5w4zu2rieFPF3wGXWQgmhvrs
bc1qdgs8vkpzr256qjlzlfht72z3mhcrdrt6wj2rfjw39j8us24gz8uq78qj65
$828,991.74

Inaccessible funds

Due to Ignotus absence as first reported in the 2019Q2 report, the project has lost access to GRIN, ETH, and ZEC wallet addresses, which contained the following balances:

Currency Amount Wallet address(es)
GRIN 7120.367203 https://donations.grin-tech.org
ZEC 5.8 t1QGYYXan3HHEuiPEfccKnUuWEP4CsVvPA5
ETH 1.742385670725710718 0x16726940eCEBdfb3c352C29bF2620f59EF919a3b

Additional details

Received in the period

During Jul 01 - Sep 30 2019, Grin received the following assets:

Currency Amount Wallet address(es)
GRIN 3156.7 https://council-donations.yeastplume.org
BTC 1.16 3ChVP627KU5w4zu2rieFPF3wGXWQgmhvrs
bc1qdgs8vkpzr256qjlzlfht72z3mhcrdrt6wj2rfjw39j8us24gz8uq78qj65

Spent in the period

During Jul 01 - Sep 30 2019, Grin spent the following assets:

Currency Amount
GRIN 3156
BTC 2.98

Comments

  • A new GRIN donation address, https://council-donations.yeastplume.org was set up in the period, managed by yeastplume, but with the seed backed up for redundancy. All according to relevant governance meeting decision. So far, no ETH donation or ZEC donation addresses have been set up.
  • Majority of GRIN received in the period (3,125) stemmed from a donation by SparkPool.
  • Majority of BTC received in the period (1.11) stemmed from monthly donations by Poloniex.
  • All spend in the period, both GRIN & BTC, was done as donation to Yeastplume for their work on the project.

Status after the period

Disposable funds

At the end of Sep 30 2019, Grin held disposable funds to the equivalent of $620,521.18 in the following assets:

Currency Amount USD x-rate Sep 30 2019 USD Equivalent Wallet address(es)
GRIN 0.7 $1.38 $0.97 https://donations.grin-tech.org
BTC 74.81672687 $8,293.87 $620,520.21 3ChVP627KU5w4zu2rieFPF3wGXWQgmhvrs
bc1qdgs8vkpzr256qjlzlfht72z3mhcrdrt6wj2rfjw39j8us24gz8uq78qj65
$620,521.18

Inaccessible funds

Having had no news from Ignotus during the quarter, we no longer expect these funds to be recoverable, and instead consider them lost permanently. There possibility of course remains that Ignotus returns to the project, which could lead to these funds being recovered. In that case it will be considered new income at the time.

Currency Amount Wallet address(es)
GRIN 7120.367203 https://donations.grin-tech.org
ZEC 5.8 t1QGYYXan3HHEuiPEfccKnUuWEP4CsVvPA5
ETH 1.742385670725710718 0x16726940eCEBdfb3c352C29bF2620f59EF919a3b

Comments

  • The biggest reason for the drop in disposable funds was due to the negative movements in the USD/BTC exchange rate during the period.
  • Nevertheless, in the period, Grin spent roughly the equivalent of twice the amount of funds that were received by donations.
  • As per above, the inaccessible funds are now considered lost. Measures have been taken to reduce the risk of this happening again to the project.
  • It was generally considered a quarter of low activity, both in terms of income and spending.
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