---
title: "Quarterly Credit Report: First Quarter 2018"
sheet: https://docs.google.com/spreadsheets/d/17GIrc-cmoXEY9x3NYhtxd45g2mHnuJ7cjUy_TfmhLMA/edit?usp=sharing
category: policy
---
## Summary
This quarter we moved no credits from cold storage.  We spent 393,585 total community credits on line items detailed below. No operational credits were moved to markets. No institutional credits were moved or spent.
We anticipate comparable or larger total outlays in Q2 2018. Operational spending may increase, but not significantly, and community spending is likely to be higher. We will continue to incentivize new users and other beneficial behavior, which is likely to involve 500,000 to 3,000,000+ LBC. Additionally, LBRY has started a program for YouTubers that will scale up credit outlays. Finally, as it has now become de rigueur to state, no institutional outlays are expected, but a pilot program could happen.

## Overview By Fund

### Community Fund

393,585 credits were spent from the community fund, in the following areas:

| Category | Amount |
|---|---|
| Bounties | 37,130 |
| User Engagement | 70,000 |
| Community Management | 36,126 |
| Technical Contributions | 111,273 |
| New Publishers | 54,250 |
| Acquisition | 37,185 |
| Testing | 47,621 |


### Operational Fund

* 135,000 credits were used for an employee equity swap
* LBRY sold no LBC on the open market

LBRY does not anticipate moving credits to market this quarter due to both market conditions and our favorable cash position. However, should market conditions or our needs change, we reserve the right to move credits to market as needed.


### Institutional Fund

No activity this quarter.

We may run our first institutional pilot programs this quarter. Any outlays from this fund this quarter will be minimal.
