Meridian LabsMonthly report
August monthly report, Team view
- Data through
- 31 August
- Issued
- 4 September
- Prepared by
- Meridian Labs finance
- View
- Team, version 1
- Revenue
- $412k +14% on July
- Expenses
- $294k +3% on July
- Operating income
- $118k +55% on July
- Total NAV
- $4.14m $0.067 NAV/AS
- Runway
- ~14 mo At the $310k allowance
01
Month in brief
- Revenue of $412k, up 14% on July. The treasury share of gross fee income was $339k on record swap volume of $452m, and 12 integration partners paid $73k.
- Expenses of $294k, up 3%. That is 95% of the $310k monthly allowance. Payroll is 48% of spend.
- Operating income of $118k, up 55%. Expenses fell to 71% of revenue, from 79% in July.
- Total NAV of $4.14m, up $379k. 90% of the treasury currently sits in stablecoins. Management is actively reviewing strategies to deploy stablecoins into yield-bearing strategies.
- Monthly active users rose 9% to 21.4k while spend rose 3%.
- 96% of activity is classified. 7 items remain open and carry into September.
Value accrual / revenue policy
25% of gross fee income is sent to the treasury, swept daily to the Squads multisig. Liquidity providers keep 75%. Integration subscriptions are invoiced in USD and paid into the operating bank account.
Coverage
1/1 treasury multisig, 2/2 operating wallets, 2/2 exchange accounts and 1/1 bank account covered, plus the payroll provider, company card and QuickBooks. Funds in the protocol's pools belong to liquidity providers and are not consolidated. Unresolved items carry into September.
02
Operating performance
- Swap volume
- $452m +14.1% on July
- Gross fee income
- $1.356m 0.30% of volume
- Transactions
- 612k +8.3% on July
- SOL / USDC
- 41%
- Stable pools
- 22%
- MRDN / USDC
- 18%
- Long tail
- 19%
- Volume reached $452m, a record, after $396m in July. SOL / USDC carried 41% of it and the stable pools 22%.
- The v3 stable pools launched on 11 August and reached 22% of volume within three weeks.
03
Revenue
$412k of revenue in August, up 14% on July and the highest month on record.
The shaded gap is operating income.
| Source | Detail | Amount |
|---|---|---|
| Treasury share | 25% of $1.356m gross fee income | $339k |
| Integration subscriptions | 12 partners, invoiced | $73k |
| Total revenue | $412k |
- Treasury share
- $339k25%
- Liquidity providers
- $1.017m75%
- Reconciles to the cent. 25% of $1.356m in gross fee income is $339k, matching 31 daily sweeps into the Squads multisig.
- Subscriptions grew to 12 partners after two wallets signed annual plans.
04
Expenses
- Expenses
- $294k +3% on July
- Monthly allowance
- $310k GOV-019
- Unspent
- $16k 5% of the allowance
| Category | Paid from | Amount |
|---|---|---|
| Payroll | Payroll provider, funded in USDC | $142k |
| Contractors | Operating wallets | $41k |
| Infrastructure | Company card | $38k |
| Audits and security | Operating wallets | $24k |
| Marketing and community | Operating wallets | $22k |
| Legal and accounting | Altitude USD account | $15k |
| Software and other | Altitude USD account | $12k |
| Total expenses | 95% of the allowance | $294k |
- Infrastructure rose to $38k as RPC capacity was added ahead of the v3 launch.
- One card payment is unconfirmed. $2,340 to a Paddle merchant, likely the Dune subscription, is held in infrastructure until a receipt arrives.
05
Accounts and reconciliation
| Account | Type | Reconciliation | Balance |
|---|---|---|---|
| Squads treasury multisigSolana, 3 of 5 signers | Onchain | Balance read onchain at close | $4.31m |
| Operating wallets (2)Solana, USDC | Onchain | Balance read onchain at close | $810k |
| BybitRead-only API key | Exchange | API balance matches export | $450k |
| KuCoinRead-only API key | Exchange | API balance matches export | $180k |
| Altitude USD accountStatement …4417 | Bank | Statement ties | $410k |
| Total, including 12m MRDN | $6.16m |
| System | Activity | Reconciliation | Amount |
|---|---|---|---|
| Payroll provider | August run, 14 contributors | Funded from operating wallets, matched | $142k |
| Company card | 31 transactions | Settled from Altitude, 1 merchant to confirm | $38k |
| QuickBooks | Chart of accounts | 2 journals posted, synced | None |
| Opening balance, 1 August | $382.4k |
|---|---|
| Integration subscriptions | $73k |
| USDC off-ramp from Bybit | $19.6k |
| Company card settlement | ($38k) |
| Legal and accounting | ($15k) |
| Software and other | ($12k) |
| Closing balance, 31 August | $410k |
- Every balance ties. Onchain balances are read at close, exchange balances match their exports and the bank statement ties to the record.
- 7 movements are open: four suggested internal transfers waiting for a second confirmation, two questions with the team and one card merchant to confirm.
06
Financial position
- Total NAV
- $4.14m +$379k on July
- NAV/AS
- $0.067 62m adjusted supply
- Runway
- ~14 months At the $310k allowance
- Stablecoins
- $3.83m90%
- Bank
- $410k10%
Total NAV at 31 July$3.77m
Operating income+$118k
Yield on stablecoins+$20.8k
MRDN sold for USDC, GOV-024+$240k
Total NAV at 31 August$4.14m
The axis starts at $3.7m so each movement is visible.
| Stablecoins | $3.83m |
|---|---|
| Bank | $410k |
| Accrued contractor invoices | ($58k) |
| Accrued audit fee | ($38k) |
| Net asset value | $4.14m |
- Total NAV rose $379k, from operating income, yield on stablecoins and the proceeds of GOV-024.
- The treasury also holds 12m MRDN ($1.92m at the 31 August close), which is excluded from NAV.
07
Liquidity and runway
- Treasury
- $4.24m Stablecoins and bank
- Monthly allowance
- $310k GOV-019
- Runway
- ~14 months Treasury ÷ allowance
The treasury of $4.24m covers ~14 months at the $310k monthly allowance. Revenue currently exceeds expenses, so the treasury grew in August.
08
Capital allocation and governance
| Monthly allowance approved | $310k (GOV-019) |
|---|---|
| Drawn in August | $250k |
| Spent from operating accounts | $294k |
| Decision markets | 3 passed |
| Extraordinary treasury movements | None |
| Proposal | Reference | Amount |
|---|---|---|
| Stablecoin diversificationMRDN sold for USDC on Bybit | GOV-024, 26 Aug | $240k |
| Contributor distributionApproved allocation | GOV-023, 18 Aug | 180k MRDN |
| Liquidity allocationMRDN / USDC pool | GOV-022, 12 Aug | 75k MRDN |
- GOV-024 sold $240k of MRDN for USDC, lifting stablecoins to 90% of the treasury.
- $250k was drawn from the treasury to the operating wallets. Revenue paid into the operating bank account covered the rest of August's expenses.
09
Token and holder positioning
- MRDN
- $0.16 +6.0% on July
- NAV/AS
- $0.067 Total NAV ÷ adjusted supply
- Spot vs NAV/AS
- ~139% Estimated premium
Blue: cost basis below spot (in profit). Grey: cost basis above spot.
- Adjusted supply
- 62m62%
- Protocol-controlled
- 12m12%
- Locked and unvested
- 26m26%
- 71% of MRDN holders are in profit at spot. Their average purchase price is below the 31 August close of $0.16.
- MRDN closed at $0.16 against NAV/AS of $0.067, trading at an estimated ~139% premium to NAV/AS.
- 1.2m MRDN unlocks on 1 October from team vesting. Adjusted supply rises when it does, and NAV/AS falls even though Total NAV is unchanged.
10
Growth
- Total users
- 48.2k +6.2% on JulyWallets with at least one swap, all time
- Monthly active users
- 21.4k +9.2% on JulyDistinct wallets with a swap in August
- Daily active users
- 1,840 +7.0% on JulyAugust daily average
- Transactions
- 612k +8.3% on JulyCompleted swaps, excluding failures
- Total users passed 48k, with 2,800 added in August. Most came through two wallet integrations.
- Daily active users averaged 1,840. Activity peaked in the week of the v3 launch.
11
Operational efficiency
Both lines start at 100. The shaded gap is growth that spend did not have to match.
| Measure | July | August | Change |
|---|---|---|---|
| Spend per active user | $14.56 | $13.74 | -5.7% |
| Revenue per active user | $18.44 | $19.25 | +4.4% |
| Volume per $1 of spend | $1,387 | $1,537 | +10.8% |
| Expenses as a share of revenue | 79.0% | 71.4% | -7.6 pts |
- Since March, active users grew 52% and volume 41%, while spend grew 19%.
- Spend per active user fell to $13.74, the lowest this year.
12
Basis and coverage
177 of 184 movements, 96%, are classified. 7 are open for review and carry into September, where they can change these figures.
Covered: the Squads treasury multisig, two operating wallets, Bybit and KuCoin through read-only API keys, the Altitude USD account, the payroll provider, the company card and QuickBooks. Funds in the protocol's pools belong to liquidity providers and are not consolidated.