ETC Cooperative
2022 Q1 Board Report
May 4, 2022
Overview
2021 Retrospective
2022 Roadmap and Budget
2022 AGM held
Core-Geth development
Hyperledger Besu development
Other public infrastructure
2021 Retrospective
The ETC Cooperative’s 2021
Retrospective report was published.
This was a major undertaking, with
30 pages of reporting on everything the ETC Cooperative did during the
previous calendar year, including detailed financials.
2021 Roadmap and Budget
Our $1.6M USD budget for 2022 is significantly higher than our actual spending of $483K for 2021, with a significant part of that spending being staffing costs, as we have grown (and will continue to grow) the team.
!
Development
Core-Geth development
ETC Coop has been funding Core-Geth development since January, following the departure of ETC Labs from the ecosystem.
Merges from upstream, bug-fixes and three releases (1.12.4, 1.12.5 and 1.12.6)
Support for Mystique hardfork.
Auto-generate draft release (with artifacts) for releases using GitHub Actions
Work on updating existing OpenEthereum compatible tracers (callTracer & stateDiffTracer) to new native (GoLang) tracers using the new APIs introduced on go-ethereum. Native callTracer is 2x faster than its JS equivalent. StateDiffTracer is still work in progress.
Hyperledger Besu development
12 releases during Q1
Mystique Upgrade #3283: include specification
#3285: Slf4J migration
#3135: Vert.x upgrade
Ethercluster.com RPC endpoints
ETC Coop provides free-of-cost RPC endpoints as a public service to ETC end-users. These are used by most wallets and dapps.
We transitioned from running our own nodes to using paid Rivet service last November and have been iterating through Q1.
Collected metrics for evaluation of Rivet call optimization through Q1.
Using CloudFlare worker proxy for caching, to minimize Rivet billed “hits” for repeated identical calls within a short time-window.
Currently handling around 400M requests / month, though this has hit 500M requests / month at times.
Ethercluster.com Rivet usage
Cost is
$1 /100K requests
Protocol Research
Work done by Isaac
Continued work on ECIP-1105:
Finance
Expenditures in $US
| Q12022 Actual | Q12022 Budget | Variance $ Q12022 vs Q12022 Budget | Q12021 Actual | Variance $ Q12022 vs Q12021 | |
|---|---|---|---|---|---|
| Overhead&Management | $59,199 | $71,069 | $(11,870) | $52,769 | $6,430 |
| Development | $138,877 | $162,500 | $(23,623) | $45,170 | $93,707 |
| Protocol | $0 | $0 | $0 | $10,000 | $(10,000) |
| Comms&Marketing | $8,438 | $17,634 | $(9,195) | $13,569 | $(5,131) |
| Finance | $6,217 | $16,375 | $(10,158) | $20,511 | $(14,294) |
| Infrastructure | $0 | $3,780 | $(3,780) | $0 | $0 |
| Partnerships | $0 | $0 | $0 | $0 | $0 |
| ETC Summit | $0 | $0 | $0 | $0 | $0 |
| Total Expenditures | $212,731 | $271,358 | $(58,627) | $142,018 | $70,712 |
| Non-cash Items | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $212,731 | $271,358 | $(58,627) | $142,018 | $70,712 |
Net (Loss)/Income in $US
| Q12022 Actual | Q12022 Budget | Q12021 Actual | |
|---|---|---|---|
| Income | 934,470 | 878,485 | 320,201 |
| Operating Expenses | 212,731 | 271,358 | 142,018 |
| Net(Loss)/Income | 721,739 | 607,128 | 178,182 |
| Non-cash items | $0 | $0 | $0 |
| Adjusted Net Income | 721,739 | 607,128 | 178,182 |
Financial Positions in $US
| 31-Mar-22 | 31-Dec-21 | 31-Dec-20 | 31-Dec-19 | 31-Dec-18 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & Cash Equivalents | $5,446,437 | $4,689,209 | $303,313 | $146,318 | $530,268 |
| ETC (at book value)¹ | $78,115 | $78,115 | $78,115 | $154,363 | $154,363 |
| Accounts Receivable | $0 | $0 | $0 | $12,057 | $7,057 |
| Due from Grayscale | $344,775 | $377,733 | $51,914 | $18,808 | $(6,729) |
| Prepaid Expenses & Deposits | $0 | $0 | $0 | $2,250 | $0 |
| Total Assets | $5,869,326 | $5,145,057 | $433,341 | $333,796 | $684,960 |
| Liabilities | |||||
| Accounts Payable & Accrued Liabilities | $25,046 | $22,208 | $18,507 | $44,393 | $20,305 |
| Due to Grayscale | $0 | $0 | $0 | $(1,000) | $3,022 |
| Total Liabilities | $25,046 | $22,208 | $18,507 | $43,393 | $23,328 |
| Equity | |||||
| Retained Earnings | $5,122,541 | $414,834 | $290,403 | $661,632 | $239,640 |
| Net Income/(Loss) for the year | $721,739 | $4,708,015 | $124,431 | $(371,229) | $421,992 |
| Total Equity | $5,844,280 | $5,122,849 | $414,834 | $290,403 | $661,632 |
| Total Liabilities & Equity | $5,869,326 | $5,145,057 | $433,341 | $333,796 | $684,960 |
| ETC at Market Value¹ | $385,946 | $278,521 | $46,284 | $72,540 | $81,430 |
| Liquid assets² | 5,832,382 | 4,967,730 | 349,597 | 218,858 | 611,698 |