SPS DAO Project Manager Invoicing and Recap May 2026
Greetings my fellow Splintenials. It's been a pretty interesting and busy month helping transition to the new situation with the DAO hiring the team via service contract and addressing unexpected pain points from the transition. We've also had a few security related incidents around the ecosystem and more things to go over. Let's dive in:
First up, the DAO has now fully converted out of its HIVE and HBD position. This took quite a bit of time to do efficiently, but ultimately it was for the best and patience paid off. We managed to exit our HIVE position at an average price of 8.15 cents per token (market price was 6.644 cents at completion) and we managed to exit our HBD position at an average price of $0.968 (market price $0.9535 at completion). We were able to take advantage of the HIVE pump thanks to swift action from the SPS treasurers.
This is probably a good place to summarize the outcome of the whole HIVE DHF agreement proposal from a while back which led to us acquiring such a live HIVE position. In total we spent $300,000 worth of Ethereum to acquire the HBD and HIVE that we sold for a grand total of $269,460 worth of stables. If we had held the ETH that we converted, it would only be worth about $241,000 right now. Keep in mind we also secured over $400,000 of funding for the company by making this deal. So we can finally put the issue to rest on whether or not the DAO made a bad deal, any way you cut it, we cam out way ahead versus holding the ETH.
There were a few security issues that we had to deal with this month as well. Louis88 brought a very nasty bug to our attention that we had to immediately patch to secure the validator network. There's currently a bug bounty to reward him for doing so. There was also an issue with hive-engine being compromised and while we didn't directly lose anything due to it, the SPS DAO Treasurers decided to pull the SPS:DEC liquidity position that we had on that platform and the team is currently building an in-game SPS:DEC pool for us to utilize going forward. It should be ready in a few weeks.
After the proposal to hire the team passed, we had to run several proposals related to approving 3rd party market fees as well as ratifying our previous burns. The team had previously made these decisions for us, but after the proposal passed that redirected all of those funds to the DAO, we had to reaffirm that we wanted to keep those old fees and burns in place. That is all resolved now.
I've been working closely with the team and helping to plan future events. Summer Fun will be starting soon and we have quite a few more projects in the oven. I'm not sure what all has been disclosed publicly yet, so I'm not going to spend too much time or energy discussing these upcoming developments, but suffice it to say we're quite busy.
As always, there's a lot going on and I'm optimistic for the future. I know there's a lot of uncertainty in the community right now and the markets are shaky as well, but I do hope that you all will continue on this journey with us. A lot can change over the coming months and I feel confident in our ability to deliver. Well, back to it then. Thanks for reading and until next time...
This month we ran 10 DAO Sponsored proposals:
3rd Party Market: SPL Market
3rd Party Market: Monster Market
3rd Party Market: Elmo Market
3rd Party Market: SPLAT
3rd Party Market: SplinterHub
3rd Party Market: Peakmonsters
Keep All Burns
3rd Party Market: Splintershare
Allocate Packs for Summerfest
Pay Bug Bounty to louis88
Requesting the SPS DAO to release the monthly payment of 6000 USD to Ethereum wallet:
0x16CABD382b8B482C4Eaef344C4b438a70FadedBE
