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LidoDAO

Economic analysis of stETH in ETFs

Strategic Advisory
July 8, 2024
Economic analysis of the use of stETH in the context of an ETF or exchange traded product
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Morpho

Overview of USYC

Steakhouse Thoughts
June 5, 2024
Overview of USYC Hashnote US Yield Coin
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Overview of BUIDL

Steakhouse Thoughts
April 10, 2024
Overview of BlackRock's foray into public blockchains with BUIDL
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Fonbnk: Mobile payments and stablecoins in Kenya

Steakhouse Thoughts
April 10, 2024
Fonbnk’s tokenization of airtime minutes and integration with mobile money services present an innovative model with the potential to expand financial services to underbanked populations in African markets.
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LidoDAO

Restaking and the price of trust

Steakhouse Thoughts
April 3, 2024
What is restaking, and how does it affect the price of trust for capital providers?
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Sky (fka Maker DAO)

MakerDAO Financial Report 2023

Financial Planning & Analysis
March 7, 2024
A comprehensive look back on 2023 for MakerDAO, along with an in-depth introduction to the protocol and its future changes
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Benchmarks and performance attribution for DAO treasuries

Steakhouse Thoughts
March 11, 2024
Can we learn from investment performance evaluation in traditional finance to help DAOs make better decisions?
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Mountain Protocol

USDM (Mountain Protocol) Review

Steakhouse Thoughts
February 21, 2024
USDM (Mountain Protocol) Economic and Legal Review
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Risk Management Framework for DeFi Protocols

Steakhouse Thoughts
November 22, 2023
A structured approach for the monitoring, management and disclosure of risks for DeFi protocols
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Operating Manual for Decentralized Stablecoins (1st. ed)

Steakhouse Thoughts
September 14, 2023
In this article, we want to learn from traditional banking to see how it might help us understand decentralized stablecoins better. We're not saying that decentralized stablecoins are just like banks – there are lots of differences, and we'll explore those in future discussions. But, banks have been a key part of the world's financial system for centuries, so we believe studying them can give us some valuable insights for running decentralized stablecoins.
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Sky (fka Maker DAO)

Steakhouse Tokenized T-Bills Review 2023

Steakhouse Thoughts
July 12, 2023
This memo discusses and compares the different T-bill-like products that have emerged in DeFi since the beginning of 2023. At their core, these products offer exposure to T-bills and provide access to the risk-free yield in DeFi. We believe these products could prove to be compelling for the stablecoin market given their lower reliance on bank deposits and ability to provide a yield.
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Sky (fka Maker DAO)

MakerGAAP Accounting Ledger

Financial Planning & Analysis
December 12, 2022
We take a principles-based approach to our choice of accounting standards. This means our reports will not reconcile to US GAAP or IFRS, nor should they aim to. We are focused on finding adequate representations of the underlying economic reality of an on-chain protocol, with adaptations to the choices we make for representing smart contracts.
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Sky (fka Maker DAO)

Automating Asset and Liability Matching

Strategic Advisory
May 21, 2023
Steakhouse proposed a framework approach to addressing liquidity imbalances in the MakerDAO stablecoin including a dampened redemption curve and time-locked savings vaults
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LidoDAO

Objective-based liquidity design for stETH and directions for further research

Strategic Advisory
March 20, 2023
Steakhouse evaluated the suitability of this Lido's liquidity spending for stETH by looking at whether the DAO improve its governance by paying incentives in LDO, whether paying incentives helps sustain a closer exchange rate and whether the DAO should aim to sustain a large cushion of liquidity to protect looped staking
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Sky (fka Maker DAO)

MakerDAO Financial Report 2022

Financial Planning & Analysis
February 2, 2023
Despite a challenging 2022, MakerDAO closed the year with a positive surplus and groundbreaking new developments in real-world assets.
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