Summary
Total assets under management closed July at $24.44M, down from $26.54M at the end of June. The move was almost entirely a single treasury transfer rather than performance: $3.15M of USDC left the actively managed safe on 9 July. Excluding that transfer, the managed portfolio gained $854K over the month, driven by ETH and staked-position marks.
The actively managed portion stood at $19.12M and the Defence Reserve at $5.32M, the latter held entirely in sDAI on Gnosis Chain. Strategy yield across the treasury was $37,932 for the month.
Activity was concentrated in the second half of July. Two Uniswap COW/WETH liquidity positions were closed on 30 July, an ether.fi eETH position was closed on 13 July, and two Lido stETH positions were closed on 6 and 31 July. Stablecoin exposure remains split between Aave and the Morpho kpk USDC Prime V2 vault, which together account for roughly three quarters of managed assets.
A July Dashboard is available on Syncrone.
Asset Allocation
Treasury Overview
- Total AUM of $24.44M as of the end of July 2026 (snapshot 1 August 2026, 00:00 UTC), comprising $19.12M actively managed under the Core Treasury Mandate and $5.32M held in the Defence Reserve.
- The Defence Reserve is held entirely in sDAI on Gnosis Chain and is tracked separately from the managed mandate.
- Managed assets are deployed across 8 protocols on 5 chains, with Ethereum accounting for the majority and Gnosis Chain the balance.
- Yield generation: the treasury generated $37,932 in strategy yield across all tracked positions for the month of July 2026.
The CoW TWAP Safe, the GNO Validators Safe and a residual Balancer safe are visible on the dashboard and are tracked, but sit outside the Core Treasury Mandate and are therefore excluded from the AUM figures above.
Protocol Distribution
Managed assets are distributed across 8 protocols, weighted towards stablecoin lending. Aave and the Morpho kpk USDC Prime V2 vault together account for roughly 74% of the managed portfolio, with the balance in sDAI savings on Gnosis Chain and ETH liquid staking across ether.fi, Lido and StakeWise. Percentages are struck on the actively managed portion.
| Protocol | Allocation | Relative (%) |
|---|---|---|
| Aave | $7,190,556 | 37.60% |
| Morpho | $7,021,472 | 36.72% |
| Gnosis | $1,461,776 | 7.64% |
| EtherFi | $1,123,210 | 5.87% |
| Lido | $710,865 | 3.72% |
| StakeWise | $577,437 | 3.02% |
| Idle Funds | $476,560 | 2.49% |
| Uniswap | $450,585 | 2.36% |
| PancakeSwap | $110,046 | 0.58% |
Allocation percentages are expressed as a share of the actively managed portion ($19.12M) at period-end (1 August 2026, 00:00 UTC). The Defence Reserve ($5.32M) is reported separately and is not included in this table. Positions below $1,000 are excluded.