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; (iii) a recommendation or endorsement of any protocol, asset, or strategy; or (iv) a prospectus, crypto-asset white paper, or marketing communication within the meaning of Regulation (EU) 2023/1114 (“MiCA”) or any comparable regime.The information contained herein is provided “as is” and “as available.” The Stake DAO Association makes no representation or warranty, express or implied, as to the accuracy, completeness, timeliness, or fitness for any particular purpose of such information, and accepts no liability, to the maximum extent permitted by applicable law, for any reliance placed upon it. The information speaks only as of the date of this document and is subject to change without notice.
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.
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Any references in this document to security measures, enhancements, remediation, or the events of May 27, 2026 or any other security incident referenced in this document, are provided for transparency only. They reflect ongoing operational improvements and shall not be construed as an admission of any prior deficiency, fault, wrongdoing, or legal liability on the part of the Association or any other person, and are made without prejudice to any matter currently under review.
Note: Certain statements in this document constitute forward-looking statements, including but not limited to planned developments, product features, and strategic initiatives. These statements 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. Such forward-looking statements speak only as of the date of this document, and the Association undertakes no obligation to update or revise them, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
Highlights
- Positive net treasury result: net treasury cash flows back to +$70.3k and comprehensive result at +$29.7k, with product fees rebounding +20% MoM and TVL up +7% MoM
- New key management framework shipped for all bots and jobs, including an ExecutorGuard preventing any transaction outside an allowlist; revenue sharing activated on OnlyBoost vaults with Inverse Finance as first partner (SDGP-73)
Product (Strategy/Smart contracts/UI/Development)
July retrospective
- Shipped the new key management framework for bots and jobs: KMS/OIDC-based signing, an ExecutorGuard deployed across chains preventing any transaction outside an allowlist, guardian automation, and a canary/staged rollout
- Adapted the stack to Convex’s new onchain voting: vote reminder bot covering Convex on-chain proposals, updated gauge reminders, delegator voting-power sync, and relock prompts for expired vlCVX locks
- Migrated the frxUSD/crvUSD Morpho market to a new 91.5% LTV market, enabled as collateral in the frxUSD v2 vault (LMAP-4)
- Delisted the frxUSD/msUSD Morpho market following the depeg. Processed several millions of dollars of liquidations without any bad debt generated
- Built the keeper-computed revenue-sharing distribution on top of OnlyBoost strategies, supporting SDGP-73
- Iterated on the vlSDT boost marketplace post-launch: partial fills, slippage control, improved offer creation/update flow, and a calculator widget
- Large Votemarket hardening and UX wave (~20 fixes): proper error pages and loading states, reliable claim/campaign flows, bridge progress tracking, pagination and filtering fixes; Votemarket data exposed through the hub API
- Improved AI-agent visibility of Stake DAO websites
- Progress on the next Votemarket iteration with zero-knowledge proof verification
Focus for August
- Execute the extension of the ex-gratia distribution voted under SDGP-75
- Progress on the next Votemarket iteration (ZK proof verification)
- New landing page
- Build an internal wiki + Claude Code capture plugin
- Several UI / UX improvements
Business development
July retrospective
- First month of recovery after the incident: product fees rebounded to $88.8k (+20% MoM), driven by yield strategies (+40% MoM at $32.9k) and Votemarket ($43.6k, +8% MoM), but also linked to a 5-week month (one more week of fee harvesting)
- TVL back to growth at ~$75.0m (+7% MoM), with side-chain TVL up markedly (~$8.9m vs ~$5.6m); OnlyBoost share of inflation and BD penetration stable to slightly up
- Activated revenue sharing on OnlyBoost vaults, with Inverse Finance as first partner (SDGP-73)
- New frxUSD/crvUSD 91.5% LTV market enabled as collateral in the frxUSD vault (LMAP-4)
- Application to the Curve risk RFP
- First Stake DAO strategies added into FiRM ($1.8m TVL, o/w $1.52m coming from borrows)
- July ended on Metronome’s public announcement regarding a shortfall in its balance sheet, which impacted our end-of-month TVL figures, but for which the material impact to be expected on revenues is expected to be reflected in August
| Metric | July 2026 | MoM |
|---|---|---|
| OnlyBoost share of CRV inflation | 25.5% | +0.2 ppt |
| Stake DAO locker share of CRV inflation | 20.2% | -2.1 ppt |
| Total TVL in strategies | ~$75.0m | +$4.9m / +7% |
| Number of strategies above $1m | 17 | +0 |
| Number of strategies above $0.1m | 90 | +0 |
Focus for August
- Try to be allocated a scope at the Curve risk RFP
- Onboard additional revenue-sharing partners on OnlyBoost vaults
- Push new collaterals to the frxUSD vault to be able to find new lending avenues following the delisting of the frxUSD/msUSD
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: DeBank | Your go-to portfolio tracker for Ethereum and EVM
Treasury ended July at ~$2.89m (+2% MoM), with stablecoin reserves of ~$1.08m (~38% of treasury) and a slight recovery of SDT and non-strategic holdings.
Net treasury cash flows
Product fees rebounded to $88.8k (+20% MoM) and treasury management added $29.3k, bringing total inflows to $118.1k. With a reduced final H1 grant tranche of $42.0k and a $5.9k exceptional loss coming from an isolated issue affecting a Votemarket contract on Base, since remediated, the net treasury result returned firmly positive at +$70.3k (from -$16.7k in June) — the first positive month since March.
Association grant use report
The Association received a final H1-26 tranche of $42.0k and spent $117.9k, drawing $75.9k from its accumulated cash balance, which ended July at ~$75.0k. This is consistent with the under-spending accumulated over H1 being consumed at the end of the semester; the H2-2026 grant request was submitted to governance (SDGP-74). Costs include increased tooling expenses linked to the security programme.
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
On a comprehensive basis (treasury + veSDT distributions + Association), July came in at +$29.7k, back in positive territory after the incident-affected months, bringing the year-to-date result to ~+$312k.
About $50k was allocated through the protocol’s veSDT and buyback mechanisms in July pursuant to governance-approved parameters: $35.4k of veSDT distributions and $15.0k of buybacks (174,838 SDT at ~$0.086 average, executed in accordance with the applicable DAO governance mandate and not for the purpose of influencing market price). Year-to-date: ~$408.5k.
For the avoidance of doubt, the protocol mechanisms described above operate automatically in accordance with parameters approved through DAO governance and do not constitute, and shall not be construed as, a distribution of profits, a dividend, or a return on investment to token holders.
Legal & governance
July retrospective
- SDGP-75: ex-gratia distribution add-on submitted to extend the distribution, made without any admission of liability, fault, or legal obligation, to eligible borrowers of the Arbitrum asdCRV LlamaLend market
- SDGP-73: activation of revenue sharing on OnlyBoost vaults, with Inverse Finance as first partner
- SDGP-74: Association grant request for H2-2026 submitted to governance
- SDGP-71: review of the 3.Finance whitelisting request (sdCRV TWAVP)
- SDGP-72: temporary stop of veSPECTRA relocking in the sdSPECTRA Liquid Locker
- LMAP-4: new frxUSD/crvUSD 91.5% LTV market enabled as collateral in the frxUSD v2 vault
- Legal structuring of the risk curation effort: still ongoing
- Official whitepaper filing: still ongoing
Focus for August
- Execute the SDGP-75 extension if approved by governance
- Continue LMAP reviews (sfrxUSD as next asset under review)
- File the official whitepaper to the relevant authorities
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. The foregoing limitations and disclaimers apply to the maximum extent permitted by applicable law. Nothing in this document shall exclude or limit any liability that cannot be excluded or limited under applicable law. This document, and the Association’s activities described herein, are governed by and construed in accordance with the laws of Switzerland.