This report is provided for transparency and informational purposes only and does not constitute financial, legal, or investment advice.
Highlights
- vlSDT code freeze
- Strong growth of Balancer strategies and Aura delegation
- Became the only actor around Balancer vote incentives
Product (Strategy/Smart contracts/UI/Development)
February retrospective
- Deployed the frxUSD Morpho vault (stealth mode)
- Deployed several new Morpho markets with frxUSD as part of the collateral
- vlSDT code freeze including boost market
- Worked on raising the the public security profile of Stake DAO, (upgrade of Stake DAO’s grade on Certik’s Skynet security framework)
- Worked on fixing several bugs with rewards distributions
Focus for March
- Balancer Onlyboost on side chains
- vlSDT audit
- AI framework for risk analysis regarding Stake DAO morpho markets
- Lending UI launch
- Several UI and back end improvements
Business development
February retrospective
- February was a difficult month from a market perspective, with market prices staying in the current low range we are seeing. The first cracks can be seen, with several projects capitulating and ending their activity (in Stake DAO’s environment, it’s Hidden Hand and Paladin who both stopped accepting new vote incentive campaigns).
- Votemarket therefore became the only actor in the Balancer vote incentive space, and Stake DAO’s vlAURA delegation reached 20m vlAURA (+7.5m vs Jan / +60% )
- Strong performance of the vlCVX delegation again, reaching 7.1m vlCVX delegated (+9%)
- Convex’s LP yield progressively ramped up as expected on new pools (pmUSD notably), leading to slight decrease in market share in terms of CRV inflation: 27.9% is going through OnlyBoost (v/s 30.2% in Jan) and 20.3% of CRV inflation was directed to the Stake DAO locker (28.4% in mid-January)
- Stake DAO unfortunately came 3rd at the Gnosis treasury management RFP (which was decided by Gnosis’ CEO in the end)
- Tough figures across the board on strategies’ side, due to the terrible market conditions
- Total TVL in strategies: $129.6m (-$4.7m / -3.5% MoM)
- Number of strategies above $1m: 20 (-1 / -5% MoM)
- Number of strategies above $0.1m: 93 (-7 / -7% MoM)
Focus for March
- Proper marketing launch of the Stake DAO frxUSD curated vault with co-incentives from partners
- Secure the Morpho grant once all milestones have been reached
- Grow the Balancer strategies
Financials
Stake DAO treasury : DeBank | Your go-to portfolio tracker for Ethereum and EVM
February’s challenging market as well as higher costs than revenues led to a limited drop in treasury assets.
Net treasury cash flows
Despite the drop in share of CRV inflation at the end of the month, the performance of Stake DAO’s products stayed in line with January, leading to flattish inflows.
Association grant use report
Team incentivisation (spread over three months for cash flow considerations) and the expected audit of vlSDT led to a planned $54k decrease in Association treasury in February.
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 total inflows amounting to $192k and total costs amounting to $250k due to exceptional payments, the comprehensive P&L reached -$58k in February.
Legal & governance
February retrospective
- veYFI phase out proposal
- vlSDT migration proposal
Focus for March
- Kick off the official whitepaper workstream
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.
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