Summary
December was centred on consolidating the asset mix, claiming outstanding protocol fees and rewards, and reallocating liquidity toward benchmark-aligned, lower-fragmentation venues across Mainnet, Base, and Gnosis Chain. Treasury activity prioritised increasing stablecoin and ETH-correlated staking exposure over the month.
Treasury Overview
The Treasury continued to favour liquid, low-risk, and yield-bearing stablecoin strategies across Aave v3, Morpho, Maple, sDAI on Gnosis Chain, and Compound. Native-token (COW) liquidity provision remains a core strategic allocation across PancakeSwap (Base) and Uniswap v3 and v4. ETH-correlated exposure was increased via deposits into Stakewise, reinforcing decentralised staking participation while keeping overall market risk moderate. EUR stablecoin balances (primarily EURC and EURE) continued to serve as a currency diversification tool.
Asset Allocation
Total assets under management (AUM) amount to $34.4M, of which $29.19M are actively managed under the Core Treasury Mandate. The remaining $5.17M constitutes the Defense Reserve, which is tracked separately.
Category Allocation (Managed Portion)
- USD Stablecoins: $17.13M (58.68%)
- Native Token (COW): $4.49M (15.37%)
- EUR Stablecoins: $4.48M (15.34%)
- ETH-Correlated Assets: $3.09M (10.60%)
Protocol Distribution
Across the actively managed portion of the Treasury, deployment remains broadly diversified across lending markets and stablecoin yield strategies, maintaining alignment with the DAO’s conservative, risk-balanced treasury mandate.
- Aave v3: 26.37%
- Idle Funds: 18.38%
- Morpho: 15.50%
- Maple: 10.69%
- sDAI on Gnosis Chain: 7.65%
- Compound: 6.79%
- Stakewise: 3.86%
- Lido: 3.43%
- Sky Money: 2.13%
- Curve: 1.87%
- Uniswap v4: 1.43%
- Uniswap v3: 1.09%
- Uniswap v2: 0.57%
- PancakeSwap: 0.24%
The full report numbers can be found on reports.kpk.io.