# \# Stake DAO Association September 2026 Report **URL:** \ **Category:** Activity report\ **Created:** [8 October 2026 14:19 UTC](https://gov.stakedao.org/t/stake-dao-association-september-2026-report/1178 "2026-10-08T14:19:36Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![Tube](https://gov.stakedao.org/user_avatar/gov.stakedao.org/tube/32/264_2.png) [@Tube](https://gov.stakedao.org/u/Tube)\ **Post date:** [8 October 2026 14:19 UTC](https://gov.stakedao.org/t/stake-dao-association-september-2026-report/1178/1 "2026-10-08T14:19:36Z")
> **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._ > > _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, and it is the responsibility of each recipient to inform themselves of, and to observe, any such restrictions._ > > _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 - Treasury above ~$4.0m (+11% MoM), with SDT/ETH protocol-owned liquidity deepened to ~$0.73m (+47%) as announced in the August report - Product fees at $77.0k: -25% MoM after August’s one-offs, but +7% on an underlying basis, led by Votemarket on Ethereum (+40%) - TVL in strategies crossed $100m (~$100.8m, +3% MoM) ## Product (Strategy/Smart contracts/UI/Development) ### September retrospective - Security programme: sdToken distributions, vlCVX vote and sync, and CRV/FXN swaps (new Swaps V2) moved to KMS signing; merkle files now also pushed to IPFS as a fallback to GitHub; ownership-auditor agent updated; Maestro now detects stuck automation runs - Started a comprehensive review of all products to establish the list of legacy products to be deprecated - Built an automated optimised voter bot for the vlCVX delegation - Next Votemarket iteration: batched storage-proof verification (BatchVerifier) rolled out across repositories, lowering proof costs - Legacy VM campaign UI redone - BPT Liquid Locker sunset completed - Boost marketplace: new yield / votes view toggle and period selector - Lockers app code review completed: bug fixes and improvements, code-quality and i18n work, all Lockers actions moved to the unified transaction confirmation flow - Several operations tooling improvements - Alchemix revenue sharing (SDGP-77) - Continued exploratory work on a potential real-world-asset (RWA) initiative, subject to legal and regulatory review - Kiln integration: test smart-contract deployment completed - Built indexation of frxUSD balances on Morpho as a first PoC for VMv3 ### Focus for October - Complete the migration of all remaining jobs to KMS - Improvements on the vote optimiser job for Votemarket - Complete the deprecation of legacy products - Continue the work towards indexation of frxUSD balances on other platforms than Morpho - Work on the Kiln integration - Work on the next Votemarket iteration with mainnet migration ## Business development ### September retrospective - TVL in strategies up to ~$100.8m (+3% MoM), but OnlyBoost and locker shares of CRV inflation both down, due to the decrease of Metronome incentives, the impact of Resupply and the sDOLA vefunder gauge, and the drop in inflation having full impact for the first time in September. - Revenue sharing with inverse on 2 pools brought c.$8m of TVL - Alchemix rev share is live but not Stake DAO integration on Alchemix - Hired a new business developper | Metric | September 2026 | MoM | | --- | --- | --- | | OnlyBoost share of CRV inflation | 24.9% | -1.2 ppt | | Stake DAO locker share of CRV inflation | 19.7% | -1.3 ppt | | Total TVL in strategies | ~$100.8m | +$3.0m / +3% | | Number of strategies above $1m | 25 | = | | Number of strategies above $0.1m | 94 | -2 | ### Focus for October - Launch new Core lending vaults - Onboard additional partners’ voting-incentive campaigns to Votemarket - Push new collaterals to the frxUSD vault - Deploy the Kiln distribution pipeline - Attend Singapore Token2049 ## 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](https://debank.com/bundles/131411/accounts) ![image](https://gov.stakedao.org/uploads/default/original/1X/d8883e5fb1058cd6b40f6b00c3fb69d0e1ef1498.png) Treasury ended September at ~$4.00m (+11% MoM). Strategic assets rose to ~$1.54m (+22%), non-strategic assets to ~$0.69m (+6%) and SDT holdings and liquidity to ~$0.62m (+5%). Stablecoin reserves were stable at ~$1.14m (~29% of treasury). As announced last month, SDT and ETH from the treasury were deployed into the SDT/WETH pool, now ~$0.73m (+47% MoM): SDT in liquidity rose to ~$0.38m (+45%) while SDT held outright fell to ~$0.24m. Stablecoin positions were also rotated (sDOLA/frxUSD and most of the Morpho USDC position exited, new reUSD position). _All treasury operations referenced above were executed on behalf of the DAO, pursuant to governance-approved mandates._ ### Net treasury cash flows ![image](https://gov.stakedao.org/uploads/default/original/1X/9de9c85d0de547f591b95da592794d6c1dda6f88.png) Product fees reached $77.0k (-25% MoM; +7% excluding August’s one-off Base campaign closure), driven by Votemarket ($38.2k) and yield strategies ($30.0k). Low yield strategies revenue come from the decrease in share of inflation going to Stake DAO and the fact that growth partially came from pools with revenue sharing. Treasury management added $29.0k, bringing total inflows to $106.0k (-21% MoM). On the bottom line, there is a first impact of the Inverse revenue sharing, and two bug bounties paid, totalling $3.1k together. The second H2-26 grant tranche of $159.0k, higher than the regular monthly tranche as it carried the budgeted audit and event envelopes, turned the net treasury result negative at -$56.4k. ### Association grant use report ![image](https://gov.stakedao.org/uploads/default/original/1X/69be0f35afc1c2696023999e1fa3ce00081286a9.png) The Association received $159.0k (SDGP-74) and spent $132.4k, leaving $26.6k unused and bringing its cash balance to ~$129.2k at the end of September. R&D, staff and legal costs were stable; September included $2.9k of events and travel expenses and $9.6k of headhunter fees (a new business developer has been hired). The $35k audit envelope was not drawn in September. External audit engagements are scheduled in line with the product roadmap and are expected to take place later this year. The unused envelope remains earmarked for external audit purposes and is carried forward within the Association’s cash balance. _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 ![image](https://gov.stakedao.org/uploads/default/original/1X/7efb419fc7fba583cedaf44815a6b5f9956ebcca.png) On a comprehensive basis (treasury + vlSDT distributions + Association), September came in at +$4.3k, bringing the year-to-date result to ~+$382k. About $34.1k was allocated through the protocol’s vlSDT rewards mechanism in September pursuant to governance-approved parameters (year-to-date: ~$497.2k.), and no SDT buyback was executed. The Treasury Committee, in accordance with SDGP#33, decided to pause SDT buybacks and allocate the corresponding resources to protocol-owned liquidity in the SDT/WETH pool. _For the avoidance of doubt, the vlSDT rewards mechanism described above operates 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 ### September retrospective - No new SDGP or LMAP published on the forum in September - Preparation of the whitepaper is in progress; a Digital Token Identifier (DTI) has been assigned by the DTI Foundation. - Legal structuring of the risk curation effort: completed; a governance proposal to appoint and define the curator will follow in October ### Focus for October - Publish the proposal appointing and defining the curator - LMAP for the USDC Core vault - SDGP-78 (proposed adjustment of vlSDT rewards parameters for Liquid Lockers – 4%) ## 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._