Implementation Proposal Votes
[eUSD IP] FinTech Revenue Share Update 2025-12-29
[eUSD IP] FinTech Revenue Share Update 2026-01-14
Vote: FOR
I have continued voting FOR these proposals over the last few months in good faith that meaningful change was coming. That certainly seemed to be the case with excellent addendums from UC and Sentz on the eUSD’s Q3 report and eUSD being flagged as a discussion point by myself and others in the community. The eUSD revenue share programme was subsequently discussed in the recent community call. However, the Rev Share programme was flagged only briefly by UC without a clear mandate or timeline for action being set. This coupled with the apparent lack of engagement by both participating fintechs who haven’t added an addendum to eUSD’s Q4 report yet or the eUSD champion who has disengaged with the RSR community on the forums is worrying and i’m concerned that without care for or true representation of RSR stakers we’ll continue with a revenue share programme that doesn’t eventually give value back to eUSD’s RSR stakers or centre the RSR token in the ecosystem.
At this stage I believe the threshold for action has been reached. I plan on discussing this with stakeholders and will consider drafting a proposal in the coming weeks to address the concerns i’ve previously outlined.
It’s great that we’ve been able to support the growth of UC and that this support has seen them become the largest holder of eUSD. The route has been proven and it would be great to see other fintechs hold eUSD but this cannot happen until the concerns raised have been resolved.
[eUSD IP] eUSD Old TimelockControllers Removal
Vote: FOR
Clean-up of onchain state. Removal of an old TimelockController address from Pauser, Long Freezer, and Short Freezer role. Removed in order to close off a potential griefing vector.
[ETHplus IP] ETHplus Rebalance Proposal Q1 2026 / Ratification of mandate and methodology update
Vote: FOR
This IP combined two linked work streams onchain to be decided upon in a single vote. Firstly, the ratification of a new mandate and the proposed methodology which enables the inclusions of LRTs in the basket and provides clarity for holders on the methodology used to rebalance the ETHplus basket and a rebalance proposal which saw sfrxETH and rETH allocations reduce by 6% and weETH be introduced into the basket at 12%. This basket is an interim basket with the final basket which will see sfrxETH and rETH be reduced by another 5% and weETH increase by a further 10% being brought onchain in the coming weeks after further evaluation of both the success of the first rebalance and liquidity conditions in the coming weeks.
Summaries of these two proposals can be found in the tables below.
[RFC] ETHplus Mandate and DTF Methodology Update
[RFC] ETHplus Rebalance Proposal Q1 2026
Reports
[REPORT] ETHplus Quarterly Report Q4 2025
Summary
- Redemption liquidity across major LSTs has deteriorated this quarter, seen in the collateral basket with rETH and frxETH showing sustained weakness for a second consecutive quarter
- The collateral basket remains compliant on yield, diversification, and minting liquidity, but redemption slippage now exceeds the 0.5% threshold at around 5,000 ETH, well below the current ~6,700 tolerance
- Protocol level minting and redemption remain the most capital efficient entry and exit mechanism at scale, while secondary market liquidity becomes constrained quickly beyond small trade sizes
- A previously identified denominator mismatch error overstated basket slippage in earlier reports. The error has now been fully corrected but does reduce the lack of comparability been this and previous data sets
[REPORT] ETHplus Quarterly Report Q4 2025
Summary
- Q4 marked a sharp reversal from the growth seen in Q2 and Q3, with ETHplus market cap declining 71.4% quarter on quarter following broader market deleveraging after the 10/10 Balancer exploit.
- The drawdown was primarily liquidity driven, not structural. Basket composition, methodology, and diversification remained unchanged, with the diversification ratio holding steady at 65.5% across the year.
- Total ETHplus supply contracted by 60.3% over the quarter as large liquidity providers unwound positions to manage external losses across DeFi.
- Despite overall TVL contraction, ETHplus continued to expand composability, with new leveraged strategies launched on Gearbox and approximately 2,000 ETH of supply added across smaller venues.
- Gearbox emerged as a key distribution channel in Q4, with ETHplus selected as a launch asset for KPK curated vaults and seeing continued uptake despite the removal of incentives.
- ETHplus supply across Term Finance fully unwound during the quarter, highlighting ongoing sensitivity to layered risk perceptions during periods of market stress.
- Token holder and transfer metrics remained strong, with holders up 48% quarter on quarter and 90 day transfers increasing 186.9%, reinforcing continued organic usage despite declining TVL.
- Looking ahead, focus will shift toward improving venue diversification, strengthening execution liquidity through the upcoming basket rebalance, and rebuilding sustainable unincentivized supply.
[REPORT] bsdETH Quarterly Report Q4 2025
Summary
- Q4 marked an inflection point for bsdETH with sharp contraction across market cap ETH supply and DeFi supply following a period of stabilization in Q3
- The 79% decline in market cap cannot be explained by ETH price action alone and reflects large scale deleveraging and second order liquidity effects following the Balancer exploit
- Despite this contraction bsdETH maintained competitive staking yields and saw RSR staking increase by 17% over the quarter indicating continued confidence from long term participants
- Holder counts continued to grow however onchain activity declined materially with 90d transfers falling 84.7% highlighting reduced onchain activity
- DeFi supply contracted sharply across all venues with Morpho remaining the primary distribution channel despite experiencing the largest absolute drawdown, 91.5%
- Supply to index DTFs increased in relative importance with bsdETH beginning to establish itself as an emerging index allocation candidate for Base DTFs wanting exposure to ETH. Success in the area would be confirmed when LCAP allocates to bsdETH over ETH.
- Social media activity on the bsdETH X account was intentionally deprioritised in Q4 in favour of higher impact governance and distribution efforts across the broader ETH DTF ecosystem