Summary
February centred on liquidity consolidation and capital efficiency improvements across native token pools and stablecoin strategies. The Treasury focused on optimising protocol-owned liquidity (POL) by migrating liquidity from legacy positions, tightening ranges, and reallocating across Mainnet, Gnosis Chain, Base, Arbitrum, and BSC.
On the stablecoin side, EURC exposure was rotated from Aave into the kpk EURC Morpho vaults to improve the EUR return profile. On Gnosis Chain, sDAI was maintained as a core allocation. On mainnet, additional capital was allocated to SyrupUSDC.
Overall, February reflected disciplined optimisation and operational refinement rather than directional risk expansion, in line with the DAO’s conservative treasury mandate.
Asset Allocation
Treasury Overview
Total assets under management (AUM) amount to: $32.35M, of which $27.14M are Actively Managed (Core Treasury Mandate). The remaining $5,22M constitutes the Defence Reserve, which is tracked separately.
Category Allocation (Managed Portion)
- USD Stablecoins: $17.16M (63.24%)
- EUR Stablecoins: $3.16M (11.66%)
- Native Token: $4.01M (14.78%)
- ETH-Correlated Assets: $2.80M (10.32%)
Protocol Distribution
Across the actively managed portion of the Treasury, allocation remains strongly weighted toward USD-denominated lending markets, with ETH and native token exposure kept within conservative limits. EUR-denominated assets continue to provide diversification without materially increasing volatility.
- Aave v3: 24.63%
- Morpho: 23.39%
- Idle Funds: 16.30%
- Maple: 15.61%
- sDAI on Gnosis Chain: 11.93%
- Stakewise: 2.50%
- Lido: 2.23%
- Uniswap: 2.71%
- PancakeSwap: 0.68%
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.