Treasury Management
During the month of August, withdrawals from Gauntlet’s USDC Core vault on Morpho were finalized, with ~$116K withdrawn and deployed into sUSDC. The final withdrawal from the TM portfolio related to the Continued Funding for the Arbitrum Foundation proposal was performed. ~$330K worth of USTBL was moved over to the Foundation.
In line with the DAO’s Investment Policy Statement’s long-term target of ETH accounting for a minimum of 30% of the total portfolio, covered calls on 6.75K ETH expired in the money, and the DAO received ~$15.2M in stablecoins in return. ETH currently makes up ~35% of the portfolio. With the price of ETH recently being notably volatile, the covered call strategy has been put on hold to wait for prices to consolidate further and see where portfolio weights stabilize. The stablecoin proceeds are currently deposited into Spark’s sUSDC, but are expected to be moved into ecosystem support-related opportunities in the short term. The OAT has approved two growth allocations, and final operational details are being wrapped up.
The DAO received ~$50K worth of ETHFI tokens from ether.fi as part of a collaborative effort with the protocol in August. ether.fi also announced that weETH has been turned into a liquid staking token, with restaking exposure having been moved to another token called weETHs. No actions were required by the ATMC as a result of the change.
Incentives: DRIP
Following the conclusion of the user claim period for Aave’s DRIP S1 rewards, ~1.161M ARB was reclaimed and returned to the DRIP wallet. Adding this to the previously reclaimed ~907K ARB from other S1 participants, the current working budget for DRIP is ~64.86M ARB.
We are excited to share that the contracts underpinning Season 2’s core focus are now signed. Our team is working closely with the other AAEs to coordinate the public announcement and line up additional GTM partners to maximize impact at launch. We are currently targeting an October launch.
Ecosystem Data
The Data Team:
- Variational Analytics: Launched the official Variational analytics page, covering volume, open interest, TradFi markets, funding rates, slippage, long/short ratios, and protocol financials.
- Variational Twitter Space: Co-hosted a Twitter Space with Arbitrum to support Variational and highlight its growth within the ecosystem.
- Robinhood Chain Analytics Expansion: Expanded the Robinhood analytics platform to support new assets and protocols, including DeepState, with perpetuals and further ecosystem coverage coming soon.
- ArbData and Treasury Management: Continued developing ArbData and treasury-management modules while strengthening the underlying data infrastructure.
Governance Operations & Other Initiatives
Watchdog
As part of the handover process for the Watchdog program, OpCo has taken over monthly reporting. The August update can be found here in the dedicated Watchdog subtopic.