Hi everyone,
This is the quarterly financial update on the DAO Treasury first-loss protection capital allocated to Lido Earn, covering Q3 2026 (July 1–September 30, 2026).
This update follows the original $5m DAO Treasury allocation to Lido Earn proposal.
All figures are denominated in USD, consistent with the mandate. Vault rewards are not remitted to the Treasury; they accrue inside the vaults via share price and are reflected in the period-end position value below.
Summary
The DAO-approved $5m seed allocation remained 100% deployed across Earn vaults during the reporting period. The EarnUSD and EarnETH vaults have been curated by Mellow since March 2026:
- a ~$2m EarnUSD allocation was deposited into EarnUSD.
- a ~$3m EarnETH allocation was funded in wstETH per the mandate and deployed into EarnETH.
| earnUSD | Deposit date | Initial deposit amount | March | April | May | June | July | August | September |
|---|---|---|---|---|---|---|---|---|---|
| Balances as of the end of the reporting month, USD | 11/03/2026 | $1,999,440.07 | $2,004,991.65 | $2,013,771.63 | $2,020,441.44 | $2,031,000.52 | $2,041,934.87 | $2,054,300.50 | $2,065,317.58 |
| Yield for the reporting month, USD | $6,068.92 | $8,796.24 | $7,100.15 | $10,695.74 | $10,390.27 | $11,873.72 | $11,204.74 | ||
| Forex exchange gain / (loss), USD | -$517.34 | -$16.26 | -$430.34 | -$136.66 | $544.08 | $491.91 | -$187.66 |
| earnETH | Deposit date | Initial deposit amount | March | April | May | June | July | August | September |
|---|---|---|---|---|---|---|---|---|---|
| Balances as of the end of the reporting month, WETH | 01/04/2026 | 1,512.60 | / | 1,515.12 | 1,372.25 | 1,376.95 | 1,380.79 | 1,384.37 | 1,387.87 |
| Balances as of the end of the reporting month, USD | $3,220,193.24 | / | $3,419,557.10 | $2,751,140.56 | $2,161,914.69 | $2,569,095.85 | $3,414,652.78 | $3,726,043.65 | |
| Yield for the reporting month, USD | / | $5,764.36 | $4,177.50 | $7,931.97 | $7,054.25 | $7,578.01 | $8,972.58 | ||
| First-loss expense, USD | / | $0.00 | -$320,651.11 | $0.00 | $0.00 | $0.00 | $0.00 | ||
| Forex exchange gain / (loss), USD | / | $193,599.50 | -$351,942.93 | -$597,157.84 | $400,126.91 | $837,978.92 | $302,418.29 |
** Vault performance reflects vaults curated by Mellow.*
As of Sep 30, 2026:
- Total DAO capital deployed: $5,219,633.31 (priced as of deposit dates)
- Net rewards remitted to the Treasury this period: none (retained and compounded in vault share price per the mandate)
- Total losses in Q3: Nil
- Total DAO position value: $5,791,361.23
- Net gain/loss (against the initial deposit):
- EarnUSD vault — gain $65,877.51
- EarnETH vault — loss 124.73 ETH
Mandate actions and on-chain references
No additional action was taken during this period of time.
Closing
This post is informational only and does not request any change to the existing DAO Treasury allocation mandate.