Badger DAO QA (Ethereum) Schema Version 1.3.0 Subgraph Version 1.0.0 Methodology Version 1.0.0

[bye43]

Description	Value
Subgraph Reviewed	https://subgraphs.messari.io/subgraph?endpoint=https://api.thegraph.com/subgraphs/name/messari/badgerdao-ethereum&tab=protocol
Date Reviewed	July 26 2022
Schema Version	1.3.0
Subgraph Version	1.0.0
Methodology Version	1.0.0
Evidence Spreadsheet	https://docs.google.com/spreadsheets/d/1lGLlEgIpnW3F_hSG5-l3SVtEbqBUu2zapViPerdiTMA/edit?usp=sharing

Metrics To Review

Protocol Metrics

Section	Metric	Issue
financialsDailySnapshots	totalValueLockedUSD	Trend and numbers generally look ok, but there is a weird spike between 05/04/2022 - 05/08/2022 where TVL is like >100% off
financialsDailySnapshots	dailySupplySideRevenueUSD	The value for this is believable, but there is a huge spike around 12/20/2021, which does not seem realistic. BadgerDAO had a large hack and I think restitutions were given back to users, so maybe this is where the spike is coming from? Not exactly sure, but just want to double check.
financialsDailySnapshots	cumulativeSupplySideRevenueUSD	Daily is under question, so this is too, but everything seems to be adding correctly
financialsDailySnapshots	dailyProtocolSideRevenueUSD	See dailySupplySide notes
financialsDailySnapshots	cumulativeProtocolSideRevenueUSD	Daily is under question, so this is too, but everything seems to be adding correctly
financialsDailySnapshots	dailyTotalRevenueUSD	See dailySupplySide notes
financialsDailySnapshots	cumulativeTotalRevenueUSD	Daily is under question, so this is too, but everything seems to be adding correctly

Pool Overview

Pool	Metric	Issue
Some Pools	Reward Tokens	Some vaults used to have BADGER emissions, but do not now (the only vault that currently does is the graviAURA pool). I think that maybe not having BADGER as a Reward Token in the pool overview is fine, but those old rewards should be reflected in the vault metrics (rewardEmissionsAmount, etc.). Furthermore, there are currently vaults that generate BADGER for depositors via buyback which should not count as a Reward Token. Only pools that receive BADGER via protocol inflation / emissions should have BADGER as a reward token in the pool overview tab and have metrics for rewardTokenEmissionsAmount, rewardTokenEmissionsUSD, rewardAPR.

Vault Metrics

Vault	Section	Metric	Issue
Badger Vested Escrow Convex Token	vaultDailySnapshots	totalValueLockedUSD	Looks good. Subgraph has a couple dips to 0 (ex. 01/12/2022), which I am assuming are because there are no events that the subgraph picks up on that day, but want to double check. If this is the case, then this metric is fine.
Badger Vested Escrow Convex Token	vaultDailySnapshots	cumulativeSupplySideRevenueUSD	Daily is under question, so this is too, but everything seems to be adding correctly
Badger Vested Escrow Convex Token	vaultDailySnapshots	dailySupplySideRevenueUSD	The value for this is believable, but there is a huge spike around 12/20/2021, which does not seem realistic. BadgerDAO had a large hack and I think restitutions were given back to users, so maybe this is where the spike is coming from? Not exactly sure, but just want to double check.
Badger Vested Escrow Convex Token	vaultDailySnapshots	cumulativeProtocolSideRevenueUSD	Daily is under question, so this is too, but everything seems to be adding correctly
Badger Vested Escrow Convex Token	vaultDailySnapshots	dailyProtocolSideRevenueUSD	The vault revenue breakdown is somewhat complicated for this vault, but the value should not be 0. See comments at the bottom.
Badger Vested Escrow Convex Token	vaultDailySnapshots	cumulativeTotalRevenueUSD	Daily is under question, so this is too, but everything seems to be adding correctly
Badger Vested Escrow Convex Token	vaultDailySnapshots	dailyTotalRevenueUSD	See dailySupplySide notes

Comments - The revenue for this vault seems to be somewhat complicated and I do not think it falls under the general revenue methodology, which is why the subgraph output seems wrong. Unlike traditional vaults, the bveCVX vault generates yield through bribes received for veCVX votes. The break down of the bribes earned is that 85% goes back to depositors with 75% as bveCVX and 25% BADGER. The other 15% of bribes goes towards operations that benefit Badger DAO. Lastly, there is a 0.1% withdrawal fee (Link to graphic - https://docs.badger.com/badger-finance/vaults/vault-user-guides-ethereum/vote-locked-cvx). I believe the most accurate breakdown for revenue is:

Total Revenue = Total Bribes Earned + 0.001 * Withdraws Supply Side Revenue = Total Bribes Earned * 0.85 Protocol Revenue = (Total Bribes Earned * 0.15) + 0.001 * Withdraws