Published 3Q credit report

content/faq/quarterly-report-3q-2016.md

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+---
+title: "Quarterly Credit Report: Third Quarter 2016"
+category: policy
+---
+## Summary
+
+This is LBRY's second quarterly report. This quarter we outlaid only 267,778 of the  2,000,000 allocated Community credits. 100,000 operational credits were exchanged with Shapeshift to provide liquidity. No institutional credits were moved or spent.
+
+## Current Balance Sheet
+
+[Available here](https://docs.google.com/spreadsheets/d/1zPG58YuLPqpB3yzypntRWouoEVc4saDOifpnvnwS8Rc/edit?ts=57f28d0e#gid=799352054)
+
+## Overview By Fund
+
+### Community Fund
+
+- 10,600 credits outlaid to community managers
+- 171,251 credits outlaid to Alpha and Beta testers
+- 19,150 credits outlaid to community members for completing bounties
+- 75,777 credits outlaid in Slack tips*
+
+*Some tip outlays were for bounties and to reward early people who stepped up to manage the community before we had a formal program. We have ceased using Slack tips for bounties and community management and will be able to better differentiate these moving forward.
+
+Over the next quarter we anticipate continued substantial use of the Community credits to grow both the user base and the publishing base. We expect these outlays to match or exceed those of this quarter, but not to dramatically exceed these outlays.
+
+### Operational Fund
+
+- 100,000 credits exchanged to ShapeShift to provide liquidity on their platform.
+
+ShapeShift required ownership over a pool of credits to maintain their exchange services. These credits were sold at near-market rates.
+
+We do not anticipate any expenditures from this fund through Q2 2017.
+
+### Institutional Fund
+
+We have no current plans to expend any credits from this fund this quarter, but are examining possibilities. Any institutional fund expenditures at this time would likely come with restrictions that prevent exchange or sale.