Regulatory & Legal Notice
This document is provided for informational and transparency purposes only. It does not constitute, and shall not be construed as: (i) an offer, solicitation, or invitation to purchase or sell any financial instruments, crypto-assets, or rights; (ii) investment, legal, tax, or accounting advice; or (iii) a recommendation or endorsement of any protocol, asset, or strategy.Participation in decentralised finance (DeFi) systems involves significant risks, including but not limited to smart contract vulnerabilities, oracle failures, liquidity risks, market volatility, and reliance on third-party protocols.
Certain features, interfaces, or strategies referenced herein may be experimental (“alpha” or “beta”) and subject to change without notice. This document may reference third-party protocols, assets, or infrastructures. The Stake DAO Association does not control and is not responsible for such third parties. This document is not intended for distribution in jurisdictions where such communication may be restricted or regulated.
Certain statements in this document constitute forward-looking statements. These are based on current expectations and are subject to risks, uncertainties, and changes. No assurance is given that such plans will be implemented or achieved.
Highlights
- vlSDT launched and successfully migrated
- End of sdBAL decided
- Full roadmap of the 25/26 year is completed
Product (Strategy / Smart Contracts / UI / Development)
April Retrospective
- First version of the monitoring dashboard for lending markets, with alerts live
- Morpho liquidation module
- Launch vlSDT and migration from veSDT
- Adapt Stake DAO governance to integrate vlSDT
- Tested the use of ZK proofs with Succinct for Votemarket
- Several front and back end improvements, notably to the lending app
Focus for May
- vlSDT boost marketplace
- Improvements to the lending dashboard
- Development of an alert system to support the curation activity
- sdBAL exceptional reward distribution
- Development and integration of the AI skill in Stake DAO’s documentation
- Improvements to the automation flow
Business Development
April Retrospective
- Smooth transition from veSDT to vlSDT (>80% migrated)
- Steady performance of Stake DAO’s curated vaults: APY continuously above 8% for the frxUSD vault, ranking amongst the top performers on Morpho; 7.3% APY achieved for the USDC vault
- Continued growth of the vlCVX delegation, reaching 8.3m vlCVX delegated (+4%), and strong outperformance of Votemarket compared to Votium
- March saw a flattish and gloomy market, with CRV oscillating around $0.22. No material change in CRV inflation dynamics, explaining the flat TVL and slow market share growth for Stake DAO:
- 33.4% of CRV inflation going through Onlyboost (+0.8 ppt MoM)
- 28.7% going through Stake DAO’s locker (+1.6 ppt MoM)
- Total TVL in strategies: ~$141.1m (-$0.4m / –0.3% MoM)
- Number of strategies above $1m: 18 (-6 / –25% MoM)
- Number of strategies above $0.1m: 99 (+1 / +1% MoM)
Focus for May
- Work on Stake DAO’s development strategy going forward (since with vlSDT being deployed, the full roadmap of the 2025/26 year has been achieved)
- Support Coinbase with their cbETH liquidity
- Work on the integration of Stake DAO’s strategies on FIRM and Alchemix
Financials
The financial information presented herein is based on internal estimates, blockchain data, and third-party tools. It has not been audited and may be subject to revisions.
Stake DAO Treasury
Treasury Breakdown by Asset Type (USD)
March’s flat market and breakeven business performance explain the flattish treasury performance. It includes an expected drop in SDT price due to the migration towards vlSDT which allowed some users to exit.
Net Treasury Cash Flows
Treasury Inflows (USD)
Inflows from lockers and strategies performed in line with last month, while Votemarket saw less revenues as March included some campaign closures (non-recurring).
Association Grant Use Report
This month saw $43k of unspent grant, explained by some legal costs which were budgeted for April but will probably take place at a later date (for the submission of the official whitepaper). It also includes a $4.5k surplus profit on the sale of half of the MORPHO grant received in March.
Grant proceeds referenced in this report constitute restricted-use funds allocated for specific programmatic purposes and do not form part of the Association’s discretionary operating income.
Comprehensive view
Overall, this month the DAO performed slightly above breakeven.
Legal & Governance
April Retrospective
- Kicked off the official whitepaper workstream
Focus for May
- Proposal to sunset Balancer products
- Rotation of multisig signers
- First LMAP proposals
Disclaimer
The Stake DAO Association acts strictly in an execution-only capacity, pursuant to mandates adopted by the DAO through governance processes. The Association does not provide investment advice, does not engage in asset management on its own account, and assumes no ownership or custody over DAO treasury assets. Any contracts, payments, or services facilitated by the Association are executed solely as administrative and operational support for the DAO, and shall not be construed as creating legal or financial liability of the Association beyond such execution. The Association expressly disclaims succession to any past entity or foundation, and no assumption of legacy liabilities is intended or implied. Nothing in this document shall be construed as establishing any fiduciary duty, agency relationship, or discretionary management role on the part of the Association.
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