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DATA Revenue Model
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ScenarioMarket Share AssumptionImplied AUVStreaming Fee Only*Option 1 - Blended Fees**Option 2 - Blended Fees***Option 1 - Revenue Increase (%)Option 2 - Revenue Increase (%)
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BearMVI$7,000,000$66,500$97,500$128,86746.6%93.8%
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Bear+MVI (0.11%)$20,000,000$190,000$278,573$368,19346.6%93.8%
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BaseAverage of MVI / DPI$60,000,000$570,000$835,718$1,104,57846.6%93.8%
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BullDPI (0.55%)$100,000,000$950,000$1,392,864$1,840,96446.6%93.8%
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* 95 bps annualized streaming fee
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* 50 bps annualized streaming fee, 10 bps mint fee, 20 bps redeem fee
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* 50 bps annualized streaming fee, 20 bps mint fee, 20 bps redeem fee
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Mint / Redeem Assumptions
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ProductMint Volume (% of AUV)*Redeem Volume (% of AUV)*
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DPI - 202129.2%19.6%
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MVI - Past 3 Months of 202145.5%17.4%
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Average37.3%18.5%
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* Monthly Mint/Redeem volume as percentage of AUV
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DPI
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year-monthTVLmint volumeredeem volumemint % TVLredeem % TVL
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2020-09$0.0$2,194,340.2$65,599.1
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2020-10$11,025,647.5$20,447,450.4$3,851,353.8185.5%34.9%
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2020-11$24,523,210.6$22,470,254.9$12,142,739.091.6%49.5%
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2020-12$24,118,675.0$5,979,400.9$18,018,787.624.8%74.7%
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2021-01$50,842,198.0$27,088,810.1$15,116,352.653.3%29.7%
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2021-02$116,303,171.6$27,813,538.3$24,464,373.023.9%21.0%
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2021-03$127,225,806.5$27,020,410.0$9,871,113.021.2%7.8%
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2021-04$138,900,000.0$60,761,836.1$67,509,766.643.7%48.6%
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2021-05$169,677,419.4$74,353,266.7$23,236,102.843.8%13.7%
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2021-06$134,155,478.5$21,766,554.7$10,743,053.016.2%8.0%
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2021-07*$136,466,667$15,935,892$20,407,00211.7%15.0%
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2021**$873,570,740.6$254,740,308.3$171,347,763.429.2%19.6%
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* Mint and Redeem volumes are estimates based on first 15 days of month
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MVI
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year-monthTVLmint volumeredeem volumemint % TVLredeem % TVL
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2020-09$0$0.0$0.0
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2020-10$0$0.0$0.0
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2020-11$0$0.0$0.0
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2020-12$0$0.0$0.0
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2021-01$0$0.0$0.0
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2021-02$0$0.0$0.0
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2021-03$0$0.0$0.0
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2021-04$3,440,705$6,194,963.9$314,981.8180.0%9.2%
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2021-05$5,188,811$2,059,982.3$589,907.639.7%11.4%
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2021-06$3,427,083$599,670.7$149,368.017.5%4.4%
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7/1/2021*$5,447,739$3,742,469$1,714,68768.7%31.5%
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3 Month Average$14,063,633$6,402,121.7$2,453,962.545.5%17.4%
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* Mint and Redeem volumes are estimates based on first 15 days of month
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