Summary
During June, the Treasury maintained its strategic focus on capital preservation, liquidity, and selective stablecoin yield. On the USD side, additional USDC was deployed into the KPK USDC Prime vault to reduce idle capital. The Treasury also swapped USDC into GHO and deposited it into the Savings GHO module, increasing exposure to liquid USD-denominated yield while keeping the portfolio responsive to near-term opportunities.
ETH-correlated exposure was adjusted through additional Stakewise deployment, complementing the Treasury’s existing Lido exposure. sDAI on Gnosis Chain continued to provide diversified stablecoin yield, and native-token liquidity positions were maintained across Ethereum, Gnosis Chain, Arbitrum, Base, and BSC.
The month also included the full reallocation of the EURC allocation to Aave mainnet. Ahead of the move, KPK identified a temporary concentration of borrowing demand in the WBTC/wsETH-EURC Morpho market, which pushed utilisation and rates higher. With no immediate liquidity needs, KPK held the position through this window and reduced it gradually over 15 days, capturing approximately 4.5% APY against roughly 0.7% in normal conditions before completing the move to Aave.
Overall, the actively managed treasury ended the month with a more balanced protocol mix than in May, with lower idle balances and a larger share deployed across Aave v3, Morpho, and sDAI.
Asset Allocation
Treasury Overview
Total assets under management (AUM) amount to: $26.54M, of which $21.98M are Actively Managed (Core Treasury Mandate). The remaining $4.57M constitutes the Defence Reserve, which is tracked separately.
The managed treasury remains anchored in liquid stablecoin strategies, with USD-denominated assets representing the majority of the actively managed basket. EUR-denominated exposure, ETH-linked staking positions, and controlled native-token liquidity continue to round out the portfolio, with deployment focused on resilient venues and readily observable risk.
Category Allocation (Managed Portion)
- USD Stablecoins: $15.74M (71.65%)
- EUR Stablecoins: $3.15M (14.35%)
- Native Token: $0.88M (4.01%)
- ETH-Correlated Assets: $2.20M (9.99%)
Protocol Distribution
Across the actively managed portion of the Treasury, month-end allocation was led by Aave v3 and Morpho, followed by sDAI on Gnosis Chain, Lido, idle balances, and supporting native-token liquidity positions.
| Protocol | Allocation | Relative (%) |
|---|---|---|
| Aave v3 | $7,248,902 | 32.99% |
| Morpho | $7,184,985 | 32.70% |
| sDAI on Gnosis Chain | $3,296,023 | 15.00% |
| Lido | $1,738,189 | 7.91% |
| Idle Funds | $1,324,799 | 6.03% |
| Uniswap | $539,809 | 2.46% |
| Stakewise | $491,125 | 2.23% |
| PancakeSwap | $151,305 | 0.69% |
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.
KPK Fee Update
In the November 2025 treasury report, and in line with the Core Treasury Team’s updated scope, we introduced a simplified fee structure, independent of AUM: a fixed management fee of $6,500 per month, plus a performance fee charged on returns generated above the agreed benchmarks.
Alongside this, we agreed on a six-month transition period with the Treasury Working Group, together with a set of shared milestones. These milestones were defined so that, if met, the management fee would step up at the end of the transition period.
That period has now concluded and the milestones have been met. Effective June 2026, the management fee will increase to $9,500 per month, as originally agreed. The performance fee remains unchanged from the November fee structure.
We’re grateful for the collaboration with the Treasury Working Group throughout this period, and we look forward to continuing to support the DAO.