# \[REPORT\] ETHplus Quarterly Report Q1 2026

**URL:** <https://forum.reserve.org/t/report-ethplus-quarterly-report-q1-2026/1518>\
**Category:** ETH+ Reports\
**Created:** [April 17, 2026, 11:36am UTC](https://forum.reserve.org/t/report-ethplus-quarterly-report-q1-2026/1518 "2026-04-17T11:36:06Z")\
**Posts on this page:** 1\
**Showing post:** 2

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**Author:** ![zeb](https://dub1.discourse-cdn.com/flex005/user_avatar/forum.reserve.org/zeb/32/1181_2.png) [@zeb](https://forum.reserve.org/u/zeb)\
**Post date:** [April 20, 2026, 4:38am UTC](https://forum.reserve.org/t/report-ethplus-quarterly-report-q1-2026/1518/2 "2026-04-20T04:38:18Z")

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> [@ham](#):
>
> governance efforts shift toward rebuilding sustainable DeFi liquidity

Could you please elaborate?

> [@ham](#):
>
> ETHplus supply across Curve declined during the quarter, falling from 3,468 ETH to 2,810 ETH (-19%). This is surprising as it follows the integration of the ETHplus/ETH LP as collateral across Gearbox vaults which has seen strong organic adoption, driving liquidity into the StableSwap LP.

Hmm. Any other events happened within the Curve world that could have triggered this?

> [@ham](#):
>
> The launch of the Tulipa ETHplus vault introduced a new structured distribution channel for the asset during Q1. The vault attracted approximately 2,610 ETH (~$5.7m) shortly after launch and offers a 30 day yield of roughly 12%. While deposits ultimately sit within underlying protocols and are therefore excluded from total DeFi supply to avoid double counting, the early uptake suggests strong demand for structured ETHplus strategies and may represent an important new distribution avenue going forward.

This last sentence I suppose is more a, we will see, kind of statement? Or is there anything we could materially push for to make that outcome more likely?

> [@ham](#):
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> -\> Should growth now focus on new demand rather than recovery of legacy TVL?

I don’t follow. Legacy TVL seems to be stable but price decline happened. So how would we recover legacy TVL, besides increasing ETH price 😛

> - Structured products (e.g. Tulipa ETHplus) attracted ~2,610 ETH  
> → Although incentivised this demonstrates strong demand for packaged ETHplus exposure  
> → Given historically employed growth strategies have now been found to be deeply unprofitable. Are curated products like this a more scalable path?

Humor me, so it shows strong demand, but was incentivised. But growth strategies (I assume incentivisation) is deeply unprofitable.  
Yes a curated product like this could be a scalable path.  
How can we know, if it was incentivised?  
Generally not a fan of incentives for protocols, so in that sense likely agree. Just wondering how we know if this is different.

> [@ham](#):
>
> Holder (+21.4%) and transfer growth (+26.1%) remained strong  
> → Suggests adoption is broadening. How can usage be converted into persistent, non-mercenary capital?

Any idea if this could be due to Ugglycash offering it now more easily within their app?

> [@ham](#):
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> -\> Should incentives be reconsidered here? Can they be justified given 7% of revenue is now shared with the protocol?

Would want some input from ABC here I’d say. From what I understand they are the ones on the trigger and likely have the most data. @griffpeer @ivanhalen0x

> [@ham](#):
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> New integrations (Tulipa) and reintroductions (Term Finance) show early traction  
> → Alternative distribution pathways are coming online. Should these be prioritised over rebuilding legacy liquidity?

To oversimplify: new always wins over reviving the old in crypto. So would be in favor of going after these early traction leads.

> [@ham](#):
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> How should new delegates be integrated into ETHplus governance to promptly rectify these issues?

IMO with each report, back and forth, and crisis’ like the one with rsETH, we will be able to see more and more what we as new delegates are able to contribute.

> [@ham](#):
>
> Should comms remain minimal or more targeted toward distribution efforts?

If we chose to go after Terms and Tulip more, then increasing content about them would make sense.

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