Author: Stake DAO Association
Category: A, Stake DAO Governance Proposal (SDGP)
Summary
SDGP-73 activated revenue sharing on OnlyBoost vaults and approved Inverse Finance as the first partner. This proposal approves Alchemix as a new one.
Alchemix is ready to use Stake DAO OnlyBoost as a yield source inside its ETH and USDC vaults, and, in connection with that integration, to receive a revenue share. Under this proposal, half of the treasury performance fee (2.75 percentage points of the total performance fee charged on CRV rewards, being 50% of the treasury share) is allocated to the Alchemix treasury.
The DAO treasury keeps the other half. sdCRV stakers (5%) and vlSDT holders (6%) are unaffected. No new fee is created.
Motivation
As of August 10th 2026, the Alchemix ETH vault (mixWETH) holds approximately $20.4M and the USDC vault (mixUSDC) approximately $7.4M (alchemix.fi/vaults). Alchemix would send a portion of these funds to Stake DAO OnlyBoost. Without the share, that TVL would likely be deployed elsewhere. The share is paid only on the fees those deposits generate, and only out of the treasury portion, so sdCRV stakers and vlSDT holders earn their full share on TVL that would not be here otherwise.
Alchemix is also one of the largest holders of vlSDT and sdCRV, and it deposits its veCRV vote incentives on Votium. Separately, and independently of the revenue share described in this proposal, Alchemix has indicated that it intends to migrate its vote incentives to Votemarket.
This revenue sharing fee and all other terms are those approved in SDGP-73: on-chain PartnerRegistry, monthly Merkle claims in the reward tokens collected, compliance condition (the Restricted-Person screening set out in the Legal Annex), and a governance parameter that can be amended, paused, or revoked at any time by a new governance proposal.
Specification
Partner: Alchemix
Rate: 2.75 percentage points of the 16.6% performance fee (50% of the treasury share, ~16.5% of total performance fees collected)
Scope: deposits routed into Stake DAO OnlyBoost vaults by the two Alchemix Mix Yield Token contracts, mixWETH (0x29bcfeD246ce37319d94eBa107db90C453D4c43D) and mixUSDC (0x9B44efCa3e2a707B63Dc00CE79d646E5E5D24bA5). The specific contract addresses will be confirmed and published before the corresponding PartnerRegistry entry is created.
Recipient: Alchemix treasury (0xF56D660138815fC5d7a06cd0E1630225E788293D), provided that (i) the recipient address has been confirmed and published and (ii) the recipient is not a Restricted Person (as defined in the Legal Annex). No PartnerRegistry entry will be created, and no distribution made, until both conditions are satisfied.
| Allocation on Alchemix-originated fees | Share |
|---|---|
| sdCRV stakers | 5% |
| vlSDT holders | 6% |
| Alchemix | 2.75% |
| Treasury | 2.75% |
| Harvester | 0.1% |
| Total performance fee | 16.6% |
All other TVL keeps the current split (5% / 6% / 5.5% / 0.1%).
Vote
- For (Yes): Approve the revenue share to Alchemix as described.
- Against (No): Reject the proposal.
- Abstain: Take no position.
| Parameter | Value |
|---|---|
| Forum debate period | 3 days minimum |
| Voting period | 7 days |
| Debate and vote | Sequential (debate first, then vote) |
| Quorum | 15% of total vlSDT supply |
| Approval threshold | Simple majority (>50% of votes cast, excl. abstentions) |
| Anticipated execution | If the quorum and approval threshold set out above are met |
References
- SDGP-73: Activation of Revenue Sharing on OnlyBoost Vaults; Inverse Finance as First Partner. Terms incorporated by reference into this proposal.
- PartnerRegistry contract: 0x1111735980D34F3276d8B5247da294540F907AA2
- Alchemix ETH vault, WETH Mix Yield Token (mixWETH): 0x29bcfeD246ce37319d94eBa107db90C453D4c43D
- Alchemix USDC vault, USDC Mix Yield Token (mixUSDC): 0x9B44efCa3e2a707B63Dc00CE79d646E5E5D24bA5
- Votemarket: votemarket.stakedao.org
Legal Annex
Nature of this document
This document is a non-binding governance coordination notice published by the Stake DAO Association (a Swiss not-for-profit association) for the benefit of participants in the Stake DAO governance process. It does not create contractual rights or obligations between any person and the Stake DAO Association, between any participants, or with any third party. Where this document refers to actions to be taken by smart contracts, those actions are performed autonomously by code deployed on a public blockchain and are not undertaken by any legal person on behalf of any other legal person.
Regulatory & Legal Notice
This document is a governance coordination notice relating to the operation of a decentralised protocol. It is provided for informational purposes only and does not constitute an offer, solicitation, recommendation, investment advice, or any regulated financial service in any jurisdiction.
The Stake DAO protocol operates through non-custodial smart contracts. The Stake DAO Association does not custody or take title to user funds. Nothing herein is legal, regulatory, accounting, financial, or tax advice. Participation is voluntary and at each participant’s own risk.
Restricted persons. Nothing in this document is directed at, or intended to be acted upon by, any person who is (a) a U.S. Person as defined in Regulation S under the U.S. Securities Act of 1933, (b) ordinarily resident in any jurisdiction in which participation would be unlawful, or (c) the subject of sanctions administered by the United Nations, the European Union, SECO, the United Kingdom, or OFAC (each a “Restricted Person”). No revenue-share allocation will be established for, and no distribution will be made to, any person who is a Restricted Person under this paragraph. The Association will screen the proposed recipient against the foregoing criteria before any PartnerRegistry entry is created, and the recipient will be required to confirm that it is not a Restricted Person.
Forward-looking statements. Statements in this document regarding expected TVL, vote incentive efficiency, potential migration of campaigns, anticipated revenue, and similar matters are forward-looking and reflect current expectations only. They are subject to smart-contract, market, counterparty, and regulatory risks and are not guarantees or commitments; actual outcomes may differ materially, and no Released Party (as defined in the Provisions below) undertakes to update them.
Risk Acknowledgement
Participants expressly acknowledge and accept: (a) Smart-contract risk: audited code is not warranted to be free from defects; (b) Market risk: token values and fee revenues may vary materially over time; (c) Counterparty/integration risk: partner protocols operate independently of Stake DAO and may modify or discontinue their integrations; (d) Regulatory risk: applicable regulatory frameworks may evolve; (e) Tax risk: participants are solely responsible for their own tax obligations.
Provisions
The following provisions apply to the fullest extent permitted by applicable law, and to the extent any liability or relationship is nonetheless asserted to arise out of or in connection with this proposal.
Limitation of Liability. To the fullest extent permitted by applicable law, and subject to the mandatory provisions of Swiss law, the aggregate liability of the Released Parties (the Stake DAO Association and each of its members, directors, officers, employees, agents, and contributors, and any person acting on its or their behalf, each a “Released Party”), collectively, to any claimant for all claims arising out of or in connection with this proposal shall not exceed the greater of (i) the total protocol fees actually paid by that claimant to a Released Party in the twelve (12) months preceding the event giving rise to the claim and (ii) USD 100. Nothing in this section limits or excludes liability for death or personal injury caused by negligence, for fraud or fraudulent misrepresentation, for wilful misconduct or gross negligence, or for any other liability that cannot lawfully be limited or excluded under Swiss law.
Force Majeure. No Released Party shall be liable for any failure or delay resulting from causes beyond its reasonable control, including network failure, smart-contract exploits, regulatory orders, or acts of God.
Governing Law and Dispute Resolution. This proposal is governed by the laws of Switzerland. Any dispute that is nonetheless asserted to arise out of or in connection with this proposal shall be finally resolved by arbitration administered by the Swiss Arbitration Centre under the Swiss Rules of International Arbitration. The seat of arbitration shall be Zurich, with a sole arbitrator, in English.
Severability. If any provision is held invalid, illegal, or unenforceable, it shall be severed and the remaining provisions shall continue in full force.
Amendment. This proposal may be amended only by a subsequent proposal adopted in accordance with the Stake DAO governance framework.
Notices. Official communications will be published through (i) gov.stakedao.org, (ii) @StakeDAOHQ on X/Twitter, or (iii) stakedao.org.
This proposal follows the Stake DAO Proposal Framework.
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