This report is provided for transparency and informational purposes only and does not constitute financial, legal, or investment advice.
Highlights
- Doubled the size of the YB liquid locker to reach 3.3m veYB, and started the distribution of native veYB rewards
- Good growth of strategies TVL in a challenging market environment
- Launched the first Stake DAO Morpho vault
Product (Strategy/Smart contracts/UI/Development)
December retrospective
- Deployed and started to manage the first Stake DAO Morpho vault
- New Morpho market implementation to allow for better composibility (notably flashloans)
- Replaced sdfrax3crv with USDC as veSDT rewards
- Developed a liquidation bot for Stake DAO Morpho markets
- Created a “Direct incentives” page on Votemarket to allow protocols to deposit direct incentives directly into OnlyBoost
- vlAURA Votemarket and delegation
- Integrated two new curated vaults on Stake DAO’s brand new “Curated vaults” page
- Improvements to the Votemarket vote optimiser
- Allowed batch creation of campaigns on Votemarket
- Several improvements and fixes to the front and back end infrastructures
Focus for January
- Balancer Onlyboost and Staking v2
- New Onlyboost formula to take into account the current reward rate rather than boost optimisation
- vlSDT specs definition
- Launch of the vlAURA Votemarket and delegation
Business development
December retrospective
- December was a flattish month market wise, characterised by a gloomy atmosphere, and the usual apathy of the end of the year. In this context, Stake DAO’s TVL saw significant growth, thanks to the emergence of new pools such as the hemiBTC one, and the dominance on new deposits for other pools.
- 26.5% of CRV inflation were flowing through OnlyBoost contracts at the end of December, a 2% decrease compared to November, due to the sharp increase in bribes for the sUSDe/DOLA pool for which Stake DAO has nearly no TVL, due to the fact that loops on firm deposit only on Yearn or Convex
- YB locker doubled in size, reaching 3.3m YB locked following the first reward distributions
- Strong performance of the vlCVX delegation again, reaching >6.1m vlCVX delegated (+22%)
- Decent growth of the PENDLE locker again, going to 2.71m PENDLE locked in December (+5%), mainly driven by the performance of asdPENDLE and the fact that the liquidity scaling framework was put in place for sdPENDLE in the past few months
- Total TVL in strategies: $148m (+$11.0m / +8% MoM)
- v2 strategies TVL: $142.9m (+$15m / +12%)
- Number of strategies above $1m: 22 (-2 / -10% MoM)
- Number of strategies above $0.1m: 106 (-14 / -12% MoM)
- Pendle strategies’ TVL: $2.1m (-$2.5m / -54% MoM)
Focus for January
- Grow the Stake DAO curated vault and selected Morpho markets
- Secure the Morpho grant once all milestones have been reached
- Secure deal with Balancer with regards to phasing out of Hidden Hand
Financials
Stake DAO treasury : DeBank | Your go-to portfolio tracker for Ethereum and EVM
December’s market drop was mitigated by product inflows and treasury operations.
All treasury-related actions referenced herein reflect execution of DAO-approved decisions and do not involve discretionary asset management by the Association.
Net treasury cash flows
Curve locker fees were much lower than usual as Curve generated less fees in December due to low interest rates for crvUSD, and low trading volumes across the market. No exceptional distributions were made to sdPENDLE holders, unlike in November, which also explains the drop in Liquid Lockers inflows.
This drop was offset by the annual claim for certain treasury positions such as the stRSR rewards, which explain the higher than usual treasury revenues.
Association grant use report
No exceptional costs this month, but higher EUR/USD rate than last month, and the need to replenish the bank account led to an unspent grant of $32k.
Grant proceeds referenced in this report are restricted-use funds provided for specific, milestone-based purposes and are not treated as operating revenue of the Association.
Comprehensive view
With another great month for veSDT fees, the year ends with total inflows amounting $3.6m (+59% growth v/s 2024) and a comprehensive P&L of $1.8m (+230% v/s 2024). Out of this $1.8m in net profit, $0.8m were distributed to SDT holders pursuant to DAO-approved mechanisms ($567k in veSDT distribution, $225k in SDT buybacks) without conferring any equity, ownership, or profit-sharing rights and representing approximately 5% of Stake DAO’s market capitalization as of 31/12/2025 (for contextual reference only). This does not take into account veSDT boost delegation proceeds.
Legal & governance
December retrospective
- Negotiating an agreement to retrieve initial Fundation’s allocation funds
- Starting process to engage a market maker and start looking for listing opportunities (Subject to DAO governance approval and applicable regulatory considerations)
Focus for January
- Finalising aforementioned agreement
- vlSDT governance proposal
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.