Since Last Update
● 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.
● Authored and posted the ETHplus Liquidity Analysis - July 2026, helping to guide governors, stakeholders and potential allocators with transparent updates ETHplus liquidity conditions over the coming quarter. This report also heavily supported the ETHplus Q2 Interim report, posted after the completion of the first step and prior to the proposed second step, ensuring that the first step was a success before proceeding.
● Shelved the eUSD Ratification of eUSD Mandate & Methodology V2 and Initial Eligible Collateral Universe RFC after it the protocol team found significant issues with intergrating Morpho V2 vaults into the Yield Protocol.
● Continued to maintain 100% implementation proposal vote participation across Yield DTFs.
Reporting
Alongside direct governance participation and proposal discussion, I also completed a long-form liquidity report for ETHplus. These reports aim to provide governors, stakeholders and potential allocators with transparent updates on protocol performance, liquidity conditions, collateral risk, distribution trends and governance activity, while also helping inform future governance direction and rebalance discussions.
[REPORT] ETHplus Liquidity Analysis - July 2026
Summary
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ETHplus supply has continued to contract, prompting a reduction in the report’s tested liquidity range from 50,000 ETH to 5,000 ETH while providing a more granular view of current liquidity conditions.
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Protocol minting remains highly efficient across the tested range, while redemption liquidity remains broadly unchanged following the first stage of the Q2 rebalance.
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The first step of the Q2 rebalance and noticeable improvements in the redemption curves of frxETH and weETH, partially offsetting continued weakness in ETHx and rETH.
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Concentration risk has fallen significantly as ETHplus TVL has contracted, reducing the protocol’s share of underlying collateral TVLs and supporting greater portfolio flexibility.
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ETHplus continues to underperform its stETH benchmark, but the yield gap has narrowed from 7% to 3%, representing a meaningful improvement in methodology compliance.
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 19-06-2026
[eUSD RFC] Revenue Share Programme Update 02-07-2026
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.
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.
[RFC] Ratification of eUSD Mandate & Methodology V2 and Initial Eligible Collateral Universe
Unfortunately, upon review by Reserve’s protocol team it was deemed that Morpho V2 vaults are not suitable for the yield protocol. There was a number of reasons for this but the most significant was Curator-flippable management fees, any curator which flips fees on their vaults drops ref-per-tok and triggers an immediate nuisance default, causing the protocol to go into unnecessary re-collatalisation auctions. Given the proposal was centred around the addition of Morpho V2 collaterals the proposal has now been shelved while more suitable collaterals are found.
Implementation Proposal Votes
eUSD Revenue Share Programme Update 19-06-2026
Vote: FOR
eUSD Revenue Share Programme Update 02-07-2026
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.