Summary
January centred on structured rebalancing, vault upgrades, and continued consolidation of stablecoin liquidity. The Treasury continued to favour liquid, low-risk, yield-bearing stablecoin strategies across Aave v3, Morpho, Maple, and sDAI on Gnosis Chain. During the month, USDT exposure was reallocated into sDAI on Gnosis Chain and SyrupUSDC, while Morpho positions were migrated into V2 vaults to improve efficiency and benefit from higher expected performance driven by enhanced MORPHO rewards.
Asset Allocation
Treasury Overview
Total assets under management (AUM) amount to: $31.06M, of which 25.8M are Actively Managed (Core Treasury Mandate). The remaining $5,2M constitutes the Defence Reserve, which is tracked separately.
The managed treasury continues to prioritise:
- Liquid USD-denominated lending strategies
- Structured, diversified yield sources
- Moderate ETH-correlated staking exposure
- Controlled native token liquidity provision
- EUR-denominated diversification
Category Allocation (Managed Portion)
- USD Stablecoins: $17.20M (66.50%)
- EUR Stablecoins: $3.01M (11.63%)
- Native Token: $3.04M (11.76%)
- ETH-Correlated Assets: $2.61M (10.11%)
Protocol Distribution
Across the actively managed portion of the Treasury, deployment remains diversified across lending markets, structured stablecoin strategies, and ETH staking exposure, aligned with the DAO’s conservative treasury mandate.
- Aave v3: 30.38%
- Morpho: 19.48%
- Maple: 15.50%
- sDAI on Gnosis Chain: 12.49%
- Idle Funds: 11.23%
- Stakewise: 3.26%
- Lido: 2.90%
- Uniswap: 2.43%
- Curve: 2.15%
- PancakeSwap: 0.19%
New tracking dashboard
kpk is pleased to introduce a new public dashboard that enables stakeholders to track the portfolio’s evolution throughout the month. We view this as an important step toward strengthening transparency and improving visibility into treasury operations. The dashboard 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 Buyback Safe and the GNO Validators safe, which are not part of the actively managed positions.
