#44 - Treasury report Q3, 2024
Breakdown of the Beam ecosystem treasury (the “Treasury”) as of September 30th 2024
We are delighted to share the third quarterly Treasury report of 2024.
As always, this report is intended to provide a transparent overview of the Treasury’s financial status. In the report, we share a breakdown of the Treasury as of September 30th 2024, including current investments and other financial activities.
Summary
During the past quarter, the Treasury decreased from $235,350,991 as of June 30th 2024 to $228,461,294 as of September 30th 2024. This represents a decrease of 2.93% compared to the previous quarter. During the same period, Bitcoin was up by 1%, while Ethereum was down by 24.2%. The total crypto market cap, represented by the CCI30 index, saw a fall of 6.32%
There were no BEAM tokens purchased and burned during Q3 2024.
Treasury overview
The Treasury balance as of September 30th 2024 is $228,461,294.
When calculating the Treasury’s balance, we only include non-native assets. This means we do not count the balance of BEAM tokens towards the total balance of the Treasury since it might paint a diluted picture of the reality.
BEAM tokens used for providing liquidity in AMM protocols are included together with their paired tokens, with the total value of each LP pool disclosed on the dashboard.
Since BEAM tokens will not be utilized for investment purposes, they will not be included in the Treasury’s balance sheet. Please refer to the wallet overview below for an overview of the current balance of BEAM tokens.
The Treasury also holds some very small positions, airdrop dust, residual tokens or gas fee money, with values lower than 0.001% of the total Treasury, these balances are not recorded unless they become more significant in value.
We will break down the Treasury in three categories; liquid crypto assets, NFTs and venture investments.
Liquid assets
NFTs
Tokens & equity
*Other
The recent version of the Treasury dashboard includes a section for “Other Investments”, split across the three categories of liquid assets, NFTs and tokens & equity. Since the start of the year and during the last quarter, some of the portfolio projects have been underperforming and have seen a significant loss of value. The Other Investments line item aggregates the costs and current realizable value of those projects that have underperformed and thus will usually reflect a significant loss relative to the cost amount.
We feel it is important to be transparent with the community while maintaining the quality of the Treasury reports, thus positions which have negligible value or are written off can be tracked as “Others”, removing the need to provide each one with its own line.
Notable changes this quarter
Flayer
Through a collaboration with Flayer, a sizable $1.5M position in Flayer has been established. Flayer is building a solution for providing fungible liquidity to non-fungible token (NFT) collections.
Moonlayer
A $100K position in Moonfrost has been added. MoonLayer is a layer 3 Rollup with EVM integration on Polkadot, a layer 2 rollup with EVM integration built on top of Moonbeam.
Qoomon
A small 250K position in Qoomon has been added. Qoomon Quest is a fast-paced mobile trading card game (TCG) where players collect and form teams of Qoomons to compete in quick 3-minute matches. The game uses a "win-to-earn" model, allowing players to earn tokens through victories.
Portfolio update
We firmly believe that providing thorough and meaningful Treasury reports is paramount to our mission of transparency and accountability. It is with this commitment in mind that we're excited to present a more comprehensive overview of the state of the investment portfolio.
In this update, we provide insights into the specifics of some of the largest or most exciting investment positions. This includes new investments or important updates to current portfolio projects.
Pixelmon
Pixelmon continues to make a name for itself in gaming. Q3 saw the launch of Monster Tycoon on Immutable, a free-to-play dungeon crawler featuring Pixelmon characters. LiquidX, the development studio behind Pixelmon's revival, rebranded to MON Co., unifying their ecosystem under one brand.
Their flagship title, Warden's Ascent, is in closed Beta with a 2025 release target. MON Co. showcased three games at gamescom 2024 to over 335,000 visitors. With the successful $MON token launch and plans for Asian market expansion, Pixelmon is solidifying its position in Web3 gaming. We're excited to see MON Co.'s vision of blockchain-based entertainment for mainstream audiences unfold.
Tatsumeeko
Tatsumeeko has made a significant move by joining the Ronin ecosystem. This free-to-play life simulation game combines turn-based combat with cozy housing gameplay in an immersive 2.5D universe.
The Tatsumeeko suite of products is expanding with Lumina Hunt, a Telegram-based game launching soon, and Lumina Fates, the main game entering beta phase in Q4 2024. With over 80 collectible Lumins and a unique blend of RPG and life simulation elements, Tatsumeeko is positioned to attract a diverse player base.
We're excited to see Tatsumeeko's growth and its potential impact on the broader Web3 gaming landscape. This strategic move demonstrates the project's adaptability and ambition in the evolving blockchain gaming market.
Fableborne
Fableborne continues to demonstrate impressive growth and player engagement in the Web3 gaming space. The successful launch of "Fableborne Adventures Season 2" introduced new features including an additional hero, PvP and Survival Siege events, and 50 new Campaign levels.
The game's Play-to-Airdrop event saw over 103,700 players competing for Gold Essence rewards, showcasing strong user acquisition and retention. Fableborne's innovative gameplay, blending PvP and PvE elements, has resulted in significant organic growth. In just two weeks, the game generated over 15,000 pieces of user-created content, including 1,781 gameplay videos, and achieved over $2 million in earned media value without paid user acquisition.
With plans for major updates to raiding and kingdom-building mechanics, Fableborne is poised for continued success. We remain excited about Pixion Games' progress and the potential for Fableborne to become a standout title in the blockchain gaming landscape
Zentry
Zentry, formerly known as GuildFi, has fully transitioned from a gaming guild to a comprehensive "Play Ecosystem", marking this shift with the closure of the GuildFi platform on August 31, 2024.
The ecosystem now features NEXUS, a gamified staking hub, and is preparing for the launch of "Project R," a highly anticipated addition to the Zentry Universe. Zentry has also expanded its portfolio by investing in Smolbound, a Life Sim RPG in the growing "Cozy games" genre, demonstrating its commitment to diverse gaming experiences.
Partnerships with SAWorld and other projects are enhancing ZENT token utility, offering holders exclusive benefits and boosted earnings. With the upcoming Season 1 and teased developments, Zentry is positioning itself as a key player in uniting gamers across digital and physical platforms, aligning well with our investment thesis in the evolving Web3 gaming landscape.
Monad
Monad Labs, the Ethereum-compatible Layer 1 blockchain has maintained strong momentum following its $225 million funding round led by Paradigm.
Key developments include the launch of Monad Madness, a $1M pitch competition attracting over 60 VCs with $60M+ in expressed investment interest. The project has also kicked off Mach-1, a 4-week accelerator program for ambitious builders.
Monad's ecosystem is expanding rapidly, with recent fundraises totaling $16M for various projects. The team continues to focus on scaling EVM performance through innovative parallelization techniques, aiming to achieve 10,000 transactions per second.
With testnet rumors circulating and growing community initiatives like Houses of Monad, the project is positioning itself as a potential game-changer in blockchain scalability and adoption.
Sophon
The entertainment-focused ecosystem, built as a modular rollup utilizing zkSync's technology, previously launched its farming portal. Since opening, the farm has attracted significant interest, with over USD 200M worth in BEAM tokens deposited.
This strong user engagement, coupled with Sophon's previous achievements of raising $10 million and selling 123,554 nodes, underscores the project's growing influence in high-throughput applications for AI and gaming.
Moreover, Sophon has recently announced collaborations with;
Moreover, Sophon has announced the release of their mainnet in November 2024.
TrialXtreme
TrialXtreme recently closed an impressive $24 million seed round. This substantial investment demonstrates strong confidence in their vision and execution.
The game's soft launch in India and the Philippines has seen remarkable success, achieving over 300,000 downloads with practically zero marketing spend. The development team continues to refine the game based on community feedback, introducing new features and improvements.
With plans for expansion into more countries, Trial Xtreme is positioning itself as a potential leader in competitive racing within the Web3 gaming ecosystem. We remain excited about their progress and potential for revolutionizing blockchain gaming experiences.
Pixelverse
Pixelverse successfully launched its $PIXFI token, now trading on major centralized exchanges including Bybit, HTX, Gate, Bitget, and MEXC.
The Pixelverse Early NFT collection, now transferable and tradable on TON, has become the largest PFP NFT collection on the network with over 253,000 minted. These NFTs offer various in-game utilities and exclusive benefits.
Pixeltap, Pixelverse's tap title, entered Phase 3, introducing a new card game where players can earn TON directly. The platform also launched a revenue-sharing referral program and introduced Gems as a valuable in-game currency.
With these developments and the anticipation of new NFT characters, Pixelverse is solidifying its position as an innovative leader in the Web3 gaming ecosystem.
Live treasury dashboard
We have updated our dashboard with the most recent data as of September 30th, 2024.
The Treasury dashboard is under continuous development to increase the transparency and accountability towards the community. It’s important to share correct information and provide anyone contributing to the Beam ecosystem with a clear overview of the Treasury’s current status. This is sought to be accomplished through the Treasury dashboard.
With its development continuing and always changing, we are more than happy to receive feedback through any of the social channels. Without further ado, we invite you to dive in and see the current Treasury status on our dashboard.
Visit the dashboard here - treasury.onbeam.com
Wallet overview
To operate completely transparently, we would like to provide a full list of wallet addresses Merit Circle currently utilizes.
Ethereum
Binance smart chain
Solana
Ronin
Looking forward
As we move into Q3, the investment arm will continue to focus on what it does best: contribute to the growth of the Beam ecosystem. This will include supporting Beam-related infrastructure products and identifying and backing the top teams working on advancing the Beam ecosystem, along with those in adjacent spaces. While market fluctuations will naturally impact short-term Treasury valuations, our focus remains on the long-term. We are committed to building a resilient ecosystem whose value is derived from solid, market-independent foundations.
Notes
All balances and prices are based on calculations made on September 30th, 2024.
All investments made after September 30th, 2024 are not included in the Treasury report unless specifically mentioned.