All the Latest on MetaMask Institutional’s Snapshots

In the first few months of starting MetaMask Institutional (MMI), we consistently heard a manual and painful process our users were undertaking. In their need to determine the value of all their positions and risk exposure, organisations would set alarms, take screenshots at a particular time, and send this data to their fund administrators who would then have to enter this data into spreadsheets. This problem persists to this day, as evidenced by a recent call with a fund manager who still takes these actions daily.

In our daily calls with users, we ask them what they find manual and painful in their everyday operations. This need to create snapshots continued to be communicated by our users. Accordingly, we set out to solve this problem. Our first minimum loveable product would value all users' positions and create weekly, monthly and quarterly reports. These reports were sharable read-only overviews of users' positions. To solve this problem, we would run valuations for users at 23:59:59 UTC, snapshotting their Tokens, DeFi Positions, NFTs and Staking balances and using pricing to arrive at the market value of positions at midnight each night.

In our quest to build a product users can't live without, we heard early feedback that not all our users could use this product for their most critical daily requirements—cutting their Net Asset Values (NAVs). Most funds set the time of cutting NAV based on the jurisdiction (and time zone) in which their fund is incorporated. Hence, a US find may choose 4:30 pm EST, whilst a European organisation might choose 4:30 GMT. Accordingly, we set out to iterate and improve our minimum loveable product.

And now, our latest version of Snapshots allows a user to set the exact time when they want to have valuations run within their timezone.

We then produce a daily automated valuation for the user of all their positions.

The read-only UI report provides a sharable view for third parties. For example, accountants, administrators, internal finance teams and DAO members.

This data can also be downloaded into our CSV report, which offers a range of valuable reports. A Portfolio Value report, which shows the daily portfolio values since inception. A Holdings report, which shows a list and valuation of all holdings. Our Snapshots feature is a comprehensive tool that provides a breakdown of all assets held by wallets in a wallet report. It also offers an NFT report, which not only shows the valuation of NFTs but also provides insights into the book cost, floor price, and the Profit and Loss of the position. Lastly, our staking report is a powerful resource that displays the amount staked in ETH, the total amount staked in US dollars, the rewards earned in ETH and USD, and the market value in ETH and US dollars. These features are designed to give our users a complete and detailed view of their holdings and their performance. Here is an example.

Today, regardless of the type of organisation—Crypto Fund, VC, or Builder—we consistently find our Snapshots feature to be one of the most valuable features we offer. Feedback from our users has been clear:

"Snapshots are insanely valuable to us. We were six months behind in reporting NAV. We reconciled it in 19 days. Our Fund Admin Loves it. You guys keep on building great stuff. You should keep going."

This data is only available in UI and CSV, but our recently launched API Suite allows for offering this data programmatically. We will continue to look to improve our snapshots feature with more-and-more detailed and in-depth attribution data.

If you would like a demo of the MMI offering, including our current snapshots feature, reach out to us here. And to stay up-to-date on future updates subscribe to our newsletter here.