Since Last Update
● Authored and posted the RFC for ratification of the eUSD Mandate & Methodology V2 and Initial Eligible Collateral Universe, establishing a formal framework for collateral approval, diversification and portfolio construction while helping separate collateral approval decisions from basket management decisions.
● Authored and posted a CMC20 RFC proposing an extension of the basket governance review, voting and execution process from 48 to 72 hours to strengthen governance security following recent attacks against Reserve ecosystem Index DTFs.
● Remained actively engaged throughout discussion of the ETHplus Q2 rebalance proposal, contributing commentary on liquidity requirements, yield optimisation, indirect collateral exposures and the trade-offs between portfolio efficiency and redemption capacity.
● Participated in governance discussions surrounding eUSD overcollateralization requirements, highlighting the balance between risk management, governance complexity and product predictability as eUSD expands its fintech distribution.
● Continued to maintain 100% implementation proposal vote participation across Yield DTFs.
RFCs Posted
This section highlights all the RFCs I have posted since my last delegation platform update. It includes links and the RFC summary.
[eUSD RFC] Revenue Share Programme Update 21-05-2026
[eUSD RFC] Revenue Share Programme Update 04-06-2026
Updates to the existing ongoing proposal of sharing eUSD Revenue with participating fintechs, Ugly Cash and Sentz. The proposed proposal, if enacted, updates the Revenue Share in order to maintain compliance with the rules of the original revenue share proposal and the subsequent revenue share update proposal which saw 10% of Fintech Revenues redirected to stRSR holders.
Original Revenue Share Programme Proposal.
Fintech Revenue Share Adjustment (90/10) Proposal.
[CMC20 RFC] Extension of Onchain Voting and Execution Process of Basket Governance
Authored an RFC proposing an extension of the basket governance review period, voting period and execution delay from a combined 48 hours to 72 hours.
The proposal seeks to strengthen governance security by providing governors, delegates and the core team with additional time to identify and respond to malicious proposals before execution. The recommendation follows recent attacks against Reserve ecosystem DTFs and reflects the growing importance of governance resilience as the ecosystem matures.
[RFC] Ratification of eUSD Mandate & Methodology V2 and Initial Eligible Collateral Universe
Authored an RFC seeking ratification of the updated eUSD Mandate & Methodology alongside an initial eligible collateral universe.
The proposal introduces a formal framework for collateral approval, diversification and portfolio construction while expanding the range of strategies available to improve risk-adjusted yield generation. The framework was developed following extensive discussion around concentration risk, dependency risk and portfolio construction within eUSD. A key objective was to clearly separate collateral approval from basket management decisions, providing governors with greater flexibility while ensuring future portfolio changes remain aligned with a transparent and well-defined mandate.
Governance Judgement and RFC Commentary
A record of my direct engagement with RFCs including praise, criticism and constructive challenge since my last update. These comments are shared to demonstrate how I evaluate proposals and where I believe the protocol should or should not evolve in the future.
ETHplus Rebalance Proposal Q2 2026
I remained actively engaged throughout discussion of the ETHplus Q2 rebalance proposal, particularly around the proposed removal of rETH, reduction of ETHx exposure and consideration of OETH as an alternative collateral asset.
A key area of discussion centred around how governors should interpret liquidity requirements following the significant contraction in ETHplus supply. I argued that portfolio construction should reflect current protocol conditions rather than historical supply levels and that, at ETHplus’ current size, improving holder yield was a higher priority than optimising for redemption scenarios larger than the entire circulating supply.
I also highlighted the importance of considering indirect exposures within the basket, noting that increasing frxETH results in a small increase in indirect stETH exposure. Governors should remain aware that direct allocations do not always represent a protocol’s true economic exposure and continue to monitor these dependencies during future rebalances.
Overall, I supported the proposed rebalance as a pragmatic step that improves yield, addresses ETHplus’ most significant liquidity bottleneck and allows governors to reassess basket composition as supply and market conditions continue to evolve.
Defining eUSD Overcollateralization
I participated in discussion surrounding the appropriate level of overcollateralization for eUSD as the proposed methodology expands the eligible collateral universe beyond traditional lending markets.
While I agreed that basket risk and overcollateralization are closely linked, I expressed reservations about introducing a formal stress-adjusted OC framework. My concern is that such an approach would require increasingly complex assumptions around basket risk, dependency failures and stressed RSR valuations, potentially shifting governance discussions away from portfolio construction and towards debates over risk models.
I also highlighted the importance of product predictability. As eUSD expands its fintech distribution, predictable basket management, yield generation and revenue sharing become increasingly important for integrators building around the product.
For these reasons, I supported maintaining high-level guidance around OC requirements within the methodology while preserving governor discretion when evaluating whether overcollateralization remains appropriate for a given basket composition.
Implementation Proposal Votes
[eUSD] Revenue Share Programme Update 21-05-2026
Vote: FOR
[eUSD]Revenue Share Programme Update 04-06-2026
Vote: FOR
In favour for the above eUSD proposals as they are aligned with the mandate set out in the original revenue share framework and the subsequent 90/10 adjustment. I supported these revenue updates so FinTech compensation accurately reflects the eUSD balances they hold.
[ETHplus] Rebalance Proposal Q2 2026 - Step 1
Vote: FOR
I supported this proposal as an interim rebalance that better reflects ETHplus’ current size and liquidity profile following the significant contraction in supply over recent months. The proposal improves holder yield, addresses the basket’s primary liquidity bottleneck in ETHx and maintains diversification across multiple ETH staking protocols.