Summary
March centred on continued consolidation into core yield-bearing stablecoin strategies while preserving controlled native token liquidity across chains. The Treasury increased GHO and SyrupUSDC exposure, expanded Stakewise exposure through osETH, and maintained sizeable allocations across Morpho and sDAI on Gnosis Chain.
That reflected continued treasury optimisation within the DAO’s conservative mandate, with capital remaining concentrated in liquid lending markets, structured stablecoin strategies, and moderate ETH-correlated exposure.
Asset Allocation
Treasury Overview
Total assets under management (AUM) amount to: $33.06M, of which $27.82M are Actively Managed (Core Treasury Mandate). The remaining $5.24M constitutes the Defence Reserve, which is tracked separately.
The managed treasury continues to prioritise liquid USD-denominated lending strategies, structured and diversified yield sources, moderate ETH-correlated staking exposure, controlled native token liquidity provision, and EUR-denominated diversification.
Category Allocation (Managed Portion)
- USD Stablecoins: $18.27M (65.68%)
- EUR Stablecoins: $3.18M (11.41%)
- Native Token: $3.42M (12.28%)
- ETH-Correlated Assets: $2.96M (10.63%)
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: 27.17%
- Morpho: 21.28%
- Maple: 16.93%
- Idle Funds: 13.46%
- sDAI on Gnosis Chain: 11.70%
- Stakewise: 4.17%
- Lido: 2.33%
- Uniswap: 2.69%
- PancakeSwap: 0.28%
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.