Episode 70 | adcv_ from Steakhouse Financial on Financial Reporting for DAOs

The Accountant Quits Podcast

There is no current standard framework on how transactions within DAOs should be structured and accounted for.

Transactions on the blockchain or so-called block explorers are cash-based and do not comply with accrual-based accounting.

Today many companies having on-chain transactions use crypto sub-ledgers, but the essence of DAOs is to reduce the financial asymmetry of information and instead offer real-time and transparent accounting records.

One company making a significant contribution to advancing the state of on-chain accounting is Steakhouse Financial, a web3 consulting services firm, which has developed a methodology to offer real-time & independently verifiable financial statements for DAOs.

Steakhouse contributors collaborate with industry-renowned names such as MakerDAO, ENS, Lido, Morpho, Badger, and more.

To help us understand this novel way of accounting and reporting on-chain transactions for DAOs, I spoke with Adrian (also known as ‘@adcv_’ on Twitter, the Co-Founder at Steakhouse Financial.

Topics covered;

• Episode intro (0:47)
• Adrian’s story into blockchain (3:10)
• Starting Steakhouse Financial (5:37)
• Using Dune Analytics to prepare MakerDAO’s financials (7:17)
• Can Steakhouse commercialize Dune Analytics dashboards as a product (14:30)
• Dune Analytics dashboards for Lido, ENS (15:52)
• How to start with Dune Analytics (18:22)
• SQL knowledge to learn Dubne Analytics (19:30)
• Using owner labels (21:59)
• Web3 tools used by Steakhouse Financial (24:03)
• Using AI for crypto accounting (26:27)
• Thanks to our sponsor Web3Finance Club (27:51)
• Benchmarks & performance attribution for DAO treasuries (29:38)
• Diversifying into wBTC, stETH, sDAI (36:30)
• DAO Accounting research paper, and should DAOs use sub ledgers (38:11)
• What is a rebased token and wrapping stETH to wstETH (42:47)
• Accounting for stETH & wstETH (46:58)
• How CFOs can manage treasury with staking (47:53)
• Overview of Steakhouse’s services (57:13)
• How should accountants upskill with blockchain (1:01:17)
• How to reach out to Adrian (1:04:19)
• Highly recommended reading - Nikolai's principles (1:04:58)

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Follow adcv_:

Twitter: https://x.com/adcv_

Follow Steakhouse Financial:

Twitter: https://x.com/steakhousefi

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