Period: Apr 1, 2026 → Jun 30, 2026
Currency: USDC
Accounting view: Cash basis (expenses recognized when paid)
What Happened This Quarter
During the Apr 1–Jun 30 reporting period, Loyal shipped across every product surface:- Shipped: Chrome extension public launch — the Loyal side-panel wallet went live on the Chrome Web Store. It connects to any Solana dApp via wallet adapters, with agent controls and privacy built in.
- Shipped: Loyal EARN — Smart Account autodeposit into yield (via Kamino) on shielded USDC. Assets keep earning while they stay private. Roughly $390K in assets under management as of mid-July.
- Android app in testing: the Android build is available through Google Play’s testing track.
- Shipped: Solana Seeker — Loyal listed in the Seeker dApp store for the device launch.
- Governance: No new MetaDAO proposals this quarter (see Governance Actions below).
Organizational Status
Expense Details
Total operating expenses paid (Apr 1–Jun 30): 172,839.34 USDCThis operating expense summary excludes governance-directed capital actions (e.g., buybacks and liquidity changes), which are disclosed separately and are inherently dynamic.
Monthly Breakdown
The Salaries row is shown by the month of service it compensates, not the payment date. Several May salaries were disbursed in early-to-mid June; placing them in their service month gives a truer month-to-month picture and reflects a team paid steadily at roughly 50,000/month. This reallocates the same Q2 cash total (151,674.00 USDC) across months and does not tie to individual on-chain payment dates. All other categories remain on a cash basis.
Statement of Operations
Spending Analysis
- Salaries (87.75%) edged up from 86.00% in Q1. Headcount is stable and this was a full-team payroll quarter; the ratio moves mostly because non-salary lines stayed flat while total spend grew ~6%.
- Marketing (8.17%) held essentially flat in absolute terms (14,125.91 vs 14,028.35 in Q1). Community growth (Sector 0 payouts) and platform spend (X Premium Business, X paid features, Discord boosts) make up the bulk.
- Legal (1.25%) landed as forecast in the Q1 report: the Delaware Corp & Tax (668.00) and Qe.tax (1,500.00) fees hit this quarter as US structuring got underway.
- Software (2.56%) roughly tripled versus Q1 (4,432.24 vs 1,598.21) as products went live — Helius RPC, Vercel, Neon, Streamingfast, Dune and the rest of the production stack now carry recurring monthly cost.
- Administrative (0.25%) and Travel (0.00%) stayed near zero. No hardware purchase this quarter (Q1 had the Seeker unit); no travel.
- Salary presentation (by service month): salaries are shown by the month they compensate rather than the payment date. Most May payroll cleared in early-to-mid June, so a strict payment-date view would show May at ~10,500 and June at ~89,624; by service month the team’s compensation is level at roughly 50,000/month. June reads slightly lighter than May because one salary was paid after quarter-end (Jul 16). The quarterly total (151,674.00) is unchanged.
- Totals reconcile: the sum of monthly totals equals the sum of category totals (172,839.34 USDC).
Income Statement
Balance Sheet
As of: Jul 20, 2026 (current snapshot; outside the Apr 1 – Jun 30 reporting window). Balances read on-chain from the published addresses below.Published Addresses
View on-chain addresses
View on-chain addresses
USDC Assets
Down from 581,848.69 at the April 1 snapshot. The decrease reflects Q2 operating expenses funded from treasury and operating USDC. The DAO’s liquid USDC now sits in the Futarchy AMM LP; the Squads treasury operating balance is drawn down to near zero.
Token Balances
The Meteora single-sided position was wound down by the Q4 2025 liquidity adjustment (90% withdrawn, half burned); its residual is held inside the Meteora DAMM v2 pool and is not separately valued here. Treasury LOYAL rose since Q1 (5,833,214 → 6,751,867) as the Q4 buyback program accumulated LOYAL from the AMM into the treasury; AMM LOYAL fell correspondingly.