This report is provided for transparency and informational purposes only and does not constitute financial, legal, or investment advice.
Highlights
- vlAURA Votemarket and Delegation
- New Onlyboost formula leading to a surge in strategies’ treasury inflows
- Tough market action throughout the DeFi ecosystem
Product (Strategy/Smart contracts/UI/Development)
January retrospective
- vlSDT spec definition
- Deployed several new Morpho markets
- Balancer Onlyboost and v2
- New OnlyBoost formula to take into account current rate
- Launched the vlAURA Votemarket and delegation
- Several improvements to the Curator page
- vePENDLE to sPENDLE migration
Focus for February
- Work on vlSDT and the new boost mechanism
- Autocompounded sdYB
- Several UI and back end improvements
- Research on ZK proof infrastructure to replace current merkel proof infrastructure
Business development
January retrospective
- January was a pretty ghastly start of the year, with Ethereum dropping down to $1,750, BTC to $60k, and CRV to $0.20. In this context, Stake DAO’s organic growth partially offset the drop in token value both from the reward side and TVL side.
- Pendle officially phased out of vePENDLE, so no new boosted strategies will happen on Pendle. The existing ones remain though, for the time they last.
- Votemarket became the leader in the Balancer space, with the formalisation of a partnership with Balancer, to deploy their vote incentives on Votemarket
- Strong performance of the vlCVX delegation again, reaching >6.4m vlCVX delegated (+5%)
- Strong performance of the vlAURA delegation reaching 12.5m vlAURA delegated (largest voter on Aura), in its first month of activity.
- The new Onlyboost formula led to an increase of the share of funds in Onlyboost that is going through the Stake DAO locker. In January, 30.2% of CRV’s inflation was going through Onlyboost’s contracts (vs 26.5% in December) but 28.4% through the Stake DAO locker (hence paying fee to Stake DAO and not to Convex), v/s 17.0% in December (+11.4 ppt).
- Tough figures across the board on strategies’ side, due to the terrible market conditions
- Total TVL in strategies: $134m (-$14.0m / -9.5% MoM)
- Number of strategies above $1m: 21 (-1 / -5% MoM)
- Number of strategies above $0.1m: 100 (-6 / -6% MoM)
Focus for February
- Grow the Stake DAO curated vault and selected Morpho markets
- Apply to Gnosis’ treasury management and liquidity development RFP
- 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
January’s market drop led to a large decrease in Stake DAO’s treasury balance.
Net treasury cash flows
Despite the good performance of Stake DAO’s strategies, the huge market drop hit the DAO’s inflows in January. There were also less treasury revenues because of the seeding of the Morpho vault of which the yield is not recognised until the position is exited. Furthermore, the costs were higher than usual due to the team incentivisation non-recurring cost that happens in January, leading to a negative month for the treasury.
Association grant use report
Team incentivisation, as well as annual tooling expenses led to an expected higher cost than usual in January.
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 $202k and total costs amounting to $304k due to exceptional payments, the comprehensive P&L reached -$101k in January.
Legal & governance
January retrospective
- Grant process for H1-26
Focus for February
- veYFI phase out situation
- vePendle phase out situation
- vlSDT specs discussion
- CEX listing processes
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.
