Monthly Report
Highlights in Period
Operations
- Opened a $150k BTC-USDC and a $50k ETH-USDC CCL with medium ranges
- Opened a $25k ETH-USDC CCL yield optimized
- Staked 221,869 RUJI
- Payment of Development of Monthly Reporting and Staking 3,500 USDC
- Payment of Coingecko API license 12M 1,250 USDC
- Staking Incentive of 43,320 LQDY for 8 weeks distribution
Disclaimer
This data has been automatically prepared for information only, it does not constitute financial or legal advice.
At a Glance
Net Treasury
$780,555.4
Excluding protocol-owned LQDY
Revenue & Net Income
Revenue
$793.2
Net income
$-7,164.6
Circulating Market Cap
$525,695.9
Valuation
| 2026-03 | 2026-04 | 2026-05 | |
|---|---|---|---|
| mNAV* | 0.70x | 0.62x | 0.65x |
| P/S | NM | NM | 55.2x |
| P/E | NM | NM | NM |
* Calculated as Circulating Market Cap / Net Treasury (excl. LQDY). A value below 1.0x means LQDY is trading at a discount to its exogenous backing value.
Treasury Highlights
| (in $ value) | 2026-04-30 | 2026-05-31 | % change MoM |
| Wallet (gross of leverage) | $551,502.2 | $242,819.9 | -56.0% |
| Total LP (gross of leverage) | $240,386.7 | $441,028.1 | +83.5% |
| # of LPs | 16 | 19 | +18.8% |
| Yield APR | 0.1% | 1.1% | |
| Non-LQDY Treasury Value (net of leverage) | $841,848.5 | $780,555.4 | -7.3% |
| o/w stablecoin available | $133,839.4 | $64,297.1 | -52.0% |
| Debt | $0.0 | $0.0 | NA |
Income Statement
| (in $ value) | 2026-04 | 2026-05 |
| Market Making | $11.5 | $374.7 |
| Liquidy Swap Router | $10.1 | $0.0 |
| Staking Rewards | $1.1 | $418.5 |
| Revenue from Operations | $22.7 | $793.2 |
| Staking Incentive | ($0.0) | ($3,208.2) |
| Development | ($0.0) | ($3,500.0) |
| Operating Expenses | ($2,999.6) | ($1,249.7) |
| Profits from Operations | ($2,976.9) | ($7,164.6) |
| Interest Income | $0.0 | $0.0 |
| Interest Expenses | ($0.0) | ($0.0) |
| Net Income | ($2,976.9) | ($7,164.6) |
| % margin | NM | NM |
Balance Sheet
| (in $ value) | 2026-04 | 2026-05 |
| Wallet | $551,502.4 | $242,820.0 |
| Market Making | $273,944.5 | $474,044.7 |
| Lending | $100.2 | $101.1 |
| Staking | $49,859.3 | $96,606.4 |
| Collateral | $0.0 | $0.0 |
| Gross Treasury Value | $875,406.4 | $813,572.2 |
| (Debt) | ($0.0) | ($0.0) |
| Net Treasury Value | $875,406.4 | $813,572.2 |
LQDY Token & Valuation
| 2026-04 | 2026-05 | |
| Circulating Supply | 6.71M | 6.75M |
| Circulating Market Cap | $544,227.3 | $525,695.9 |
| Total Supply | 91.58M | 91.58M |
| Staked Amount | 3.53M | 3.47M |
| Unstaking Amount | 0.00M | 0.09M |
| Staking APR | 7.4% | 7.6% |
| Total Stakers | 120 | 122 |
| mNAV* | 0.62x | 0.65x |
| P/S | NM | 55.2x |
| P/E | NM | NM |
* Calculated as Circulating Market Cap / Net Treasury (excl. LQDY). A value below 1.0x means LQDY is trading at a discount to its exogenous backing value.
Market Making Performance
Value
$0.0k
End of period LP (USD)
Yield
$0.0
Yield APR
0.0%
Claimed
$0.0
Booked as revenue
Swap Router
Monthly Swap Volume
$46,187.8
Monthly Revenue*
$45.8
Monthly Swaps
160
Expand details
Revenue by fee token
Revenue by affiliate
Swap Flow
* This is the sum of the swap fee values at the time of the swap when the fee tokens are sent to the revenue converter. This is not the same as the booked value in the Income statement which is updated every time a fee token is converted to USDC and sent to Treasury.