A Step Towards Improved Treasury Reporting: Introducing Monthly Lido Reports

Starting September 2023, karpatkey will post monthly reports on Lido’s treasury every 10th of each month. These reports are delivered in a web format with detailed information of the previous month.

The first monthly report covers August 2023 and can be found online on karpatkey’s report site.

Our reporting format includes high-level KPIs, as well as additional sections that aim to offer a comprehensive understanding of the treasury performance. It includes an analysis of all variations that contributed to the end-of-month balance, classified into farming and non-farming results:

  • Farming Results: these include outcomes from deployed strategies and positions, such as fees from LPs, rewards from various stakings, and rebasing of assets.
  • Non-Farming Results: these encompass outcomes from market conditions and activities unrelated to treasury management, like price variation and external cash flows.

We believe this classification will provide better insights into the Treasury Management Committee’s operations as additional motions are deployed. This report should be considered complementary to existing financial reports, with a focus on asset composition and DeFi strategies in place.


Appreciate this contribution to the community but would kindly request:

  • remove LDO from the treasury view, we advocate the view that LDO in treasury is 0 until it is employed - it should certainly never be used in ‘farms’ in our view
  • remove the nomenclature of ‘farming’ altogether as the stETH in the surplus is not being ‘deployed’ it is simply the outcome of a programmatic on-chain protocol ‘middleware’ that coordinates incentives between stETH holders and node operators
  • a base currency view in ETH, which is the DAO’s primary unit of account according to the DAO-approved Treasury Management Principles, rather than USD

Regarding strategies in the future, the view we represent on the Treasury Management Committee is that stETH (+ other Lido rebasing assets like stMATIC) and stablecoins are all that should ever be part of the surplus with a view to making policies for a future state of fully autonomous self-regulation. Other members may differ in their views.

For the avoidance of doubt, the Treasury Management Committee and its members do not make decisions, allocation recommendations, take custody of funds or direct the surplus to be actively managed or farmed in any way.


Very good step, like the simple design.