# Lido Earn DAO Treasury Allocation — Q3 2026

**URL:** <https://research.lido.fi/t/lido-earn-dao-treasury-allocation-q3-2026/11996>\
**Category:** Finance\
**Created:** [October 8, 2026, 8:43am UTC](https://research.lido.fi/t/lido-earn-dao-treasury-allocation-q3-2026/11996 "2026-10-08T08:43:56Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![lido\_earn](https://avatars.discourse-cdn.com/v4/letter/l/8edcca/32.png) [@lido\_earn](https://research.lido.fi/u/lido_earn)\
**Post date:** [October 8, 2026, 8:43am UTC](https://research.lido.fi/t/lido-earn-dao-treasury-allocation-q3-2026/11996/1 "2026-10-08T08:43:56Z")

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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](https://research.lido.fi/t/lido-earn-competing-on-trust-5m-treasury-allocation/11228) 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](https://app.safe.global/transactions/tx?safe=eth:0x87D93d9B2C672bf9c9642d853a8682546a5012B5&id=multisig_0x87D93d9B2C672bf9c9642d853a8682546a5012B5_0x1a793e08952f648002438a8e2e865be805c3046343219ccfc6f9820de725891f) | $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](https://app.safe.global/transactions/tx?safe=eth:0x87D93d9B2C672bf9c9642d853a8682546a5012B5&id=multisig_0x87D93d9B2C672bf9c9642d853a8682546a5012B5_0xc98ebb60dba3588d4681c0ff06c1f4b13865969ed64a721c3f7e91bb969415bc) | 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.