Ham Delegate Platform

Governance & Delegates Delegate Platforms
25

Since Last Update

  • Authored and published the eUSD Q2 2026 Quarterly Report, covering growth, distribution, yield, collateral performance and key governance priorities.

  • Authored and progressed the ETHplus ETHx removal proposal, improving basket liquidity and yield while simplifying the collateral basket.

  • Authored a new eUSD collateral basket proposal, aligning the basket with Mandate & Methodology V2 while improving yield, diversification and scalability.

  • Progressed the eUSD Mandate & Methodology V2 framework, including updating the eligible collateral universe and working through technical constraints around on-chain ratification.

  • Proposed improvements to AI DTF governance flows, including standardised RFC-to-IP processes and improved transparency around governance wallets.

  • Continued managing eUSD Revenue Share updates and maintained near-complete participation across Yield DTF implementation proposal votes.

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] eUSD Quarterly Report Q2 2026

Summary

  • eUSD market cap grew 3.0% to $23.3m, marking a return to modest supply growth during Q2.
  • FinTech balances increased 13.4% to $15.9m, driven almost entirely by UglyCash, which grew 14.5% to $14.7m and became increasingly important to eUSD distribution.
  • DeFi-held eUSD declined 23.1% to $3.1m, continuing the shift away from incentive-driven DeFi distribution, although liquidity and supply on Base showed stronger growth.
  • Basket yield improved from 2.68% to 3.32%, helping lift FinTech yield to 2.99% and stRSR yield from 6.2% to 8.1%.
  • The report highlighted priorities for governance, including monitoring FinTech concentration, improving DeFi distribution and completing an overdue collateral basket review.

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 Revenue Share RFCs

[IP] eUSD Revenue Share Programme Update 02-08-2026

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[IP] eUSD Revenue Share Programme Update 13-08-2026

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[IP] eUSD Revenue Share Programme Update 29-08-2026

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[IP] eUSD Revenue Share Programme Update 10-09-2026

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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.

Other RFCs

[eUSD] Collateral Basket Change Proposal: Methodology v2 Alignment

Authored and posted an RFC proposing a new eUSD collateral basket aligned with Mandate & Methodology V2, addressing the current overconcentration in Compound and expanding the basket from its existing structure to five strategies. The proposed basket allocates 25% Aave USDT, 25% Compound USDC V3, 30% Gauntlet USDC Prime V2, 10% Gauntlet USDC Frontier and 10% Sentora PYUSD V2, producing an 80% Core / 10% Enhanced / 10% Opportunistic allocation. The proposed basket has a 4.56% blended yield, 4.10% FinTech yield and 4.26 diversification ratio, while increasing diversification across protocols and strategies while maintaining diversification across stablecoin issuers.

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[ETHplus] Removal of ETHx from the collateral basket

Authored and progressed an IP proposing the removal of ETHx from the ETHplus collateral basket, reallocating its 5% weighting to frxETH and resulting in a 50% stETH / 25% weETH / 25% frxETH basket. The proposal responds to the significant deterioration in ETHx liquidity and its position as the basket’s lowest-yielding collateral, while having minimal impact on diversification and increasing blended yield from 2.33% to 2.35%. Modelled redemption capacity also improves from approximately 65% to 100% of current ETHplus supply below 0.5% slippage, allowing governance to exit ETHx proactively while the position remains small and manageable.

[Idea] AI DTF (vlRSR) Governance Flows

Authored a governance proposal addressing weaknesses in the AI DTF product suite’s new optimistic governance process, after the first eight proposals bypassed the RFC stage and frequently provided little explanation or rationale. Proposed establishing a standardised RFC-to-IP governance flow for both standard and optimistic proposals, alongside the use of ENS domains for major proposer and voting wallets to improve transparency, proposal scrutiny and governance security as the AI DTF suite scales beyond $5m TVL.

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

Reopened discussion around the eUSD Mandate & Methodology V2 and updated the Initial Eligible Collateral Universe following the reversal on Morpho V2 plugins. The proposal received unanimous support from participating governors to progress to IP. However, subsequent technical constraints around on-chain ratification delayed progression. Work has since continued on combining the methodology ratification with an on-chain mandate update or a basket rebalance to bypass the issue and reduce governance load.

Implementation Proposal Votes

eUSD Revenue Share Programme Update 07-16-2026

Vote: FOR

eUSD Revenue Share Programme Update 02-08-2026

Vote: FOR

eUSD Revenue Share Programme Update 13-08-2026

Vote: FOR

eUSD Revenue Share Programme Update 29-08-2026

Vote: FOR

eUSD Revenue Share Programme Update 10-09-2026

Vote: MISSED

[REPROPOSED] eUSD Revenue Share Programme Update 10-09-2026

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.

Removal of ETHx from the collateral basket

Vote: FOR

Supports removing ETHx due to its comparatively weak liquidity and yield profile, improving the overall efficiency and redemption liquidity of the ETHplus basket.

AI DTF Mandate Change Proposals

[POWER] Mandate change proposal

[PHOTON] Mandate change proposal

[BUILDOUT] Mandate change proposal

[ROBOTS] Mandate change proposal

[NEOCLOUD] Mandate change proposal

Vote: FOR

Supports aligning the AI DTFs on-chain mandates with their existing off-chain mandates, correcting an omission from the initial product launches.

1 Like