Summary
April saw a meaningful increase in idle USDC balances, driven by rotation away from earlier allocations in GHO and SyrupUSDC, as a result of KPK’s precautionary actions following the rsETH exploit, while maintaining sizeable positions across Morpho and sDAI on Gnosis Chain. The Treasury Core group is continuously monitoring the situation and will resume fund deployments when there is certainty that the selected protocol fully complies with our risk assessment. Importantly, the Treasury did not suffer any loss of funds. In the current market environment, the primary focus remains capital preservation and risk control, rather than pursuing yield more aggressively.
Overall, April reflected a more liquid portfolio posture while preserving diversification across EUR-denominated assets, ETH-correlated exposure, and controlled native token positions, in line with the DAO’s conservative treasury mandate.
Asset Allocation
Treasury Overview
Total assets under management (AUM) amount to: $32.14M, of which $26.88M are Actively Managed (Core Treasury Mandate). The remaining $5.26M constitutes the Defence Reserve, which is tracked separately.
At this stage, the managed treasury remains positioned around a conservative allocation framework, with emphasis on liquid USD-denominated strategies, diversified sources of yield, measured ETH-linked exposure, controlled native token liquidity positions, and continued EUR-denominated diversification.
Category Allocation (Managed Portion)
- USD Stablecoins: $15.58M (57.97%)
- EUR Stablecoins: $3.88M (14.42%)
- Native Token: $4.05M (15.05%)
- ETH-Correlated Assets: $3.38M (12.56%)
Protocol Distribution
Across the actively managed portion of the Treasury, month-end allocation shifted materially toward idle balances while maintaining meaningful exposure to Morpho, sDAI on Gnosis Chain, Lido, and other supporting treasury positions.
- Idle Funds: 55.51%
- Morpho: 21.35%
- sDAI on Gnosis Chain: 12.17%
- Lido: 7.54%
- Uniswap: 2.67%
- PancakeSwap: 0.76%
The dashboard with the detailed positions can be accessed here.
Important reminder: In this dashboard, in addition to the main treasury and the defence fund wallet, we also track the COW Twap Safe and the GNO Validators safe, which are not part of the actively managed positions.