ixEDEL governance proposal: semi-annual rebalancing, a Treasury-backed addition, and the July 2026 rebalance
Sagix Club Edelweiss (ixEDEL), Ethereum mainnet, 0xe4a10951f962e6cb93cb843a4ef05d2f99db1f94
Summary
This proposal asks RSR governance to adopt a semi-annual rebalancing cadence on January 5 and July 5, to execute the July 2026 rebalance back to target weights, to add Ondo’s Treasury-backed USDY at 10% inside the existing 40% stablecoin sleeve, and to migrate the Swiss franc sleeve from idle ZCHF to the yield-bearing Savings Vault token svZCHF once Reserve adds routing support. The four-bucket structure of yield stablecoins, gold, Swiss franc, and Bitcoin is unchanged, as are the fees and the governance surface. The basket moves from six tokens to seven, inside the fifteen-token limit.
Rebalancing cadence: semi-annual
The original RFC set an annual base case. We propose a fixed semi-annual schedule instead, on January 5 and July 5. A 180-day cycle matches the philosophy behind ixEDEL and the 512M Open Stable finding that longer cycles preserve more value than frequent trading, which bleeds returns through fees, spreads, and slippage. Twice a year captures the counter-cyclical benefit without becoming a trading desk, and a published calendar gives institutional holders the predictability they want.
The off-cycle trigger stays: a 20% allocation drifting to roughly 35% justifies a proposal outside the scheduled dates. Proposals post thirty days ahead of each date. This first cycle is finalised close to July 5, so it runs on standard voting timing, with the thirty-day convention applying from January 2027.
New holding: USDY at 10%
Every stablecoin in the sleeve today is backed by DeFi yield engines: sUSDS by the Sky Savings Rate, steakUSDC by Morpho lending markets, syrupUSDC by Maple’s institutional loan book. The basket holds no direct exposure to US Treasury bills, the reference risk-free asset in dollars. USDY closes that gap.
USDY (0x96F6eF951840721AdBF46Ac996b59E0235CB985C) is Ondo’s tokenized note secured by short-term US Treasuries and bank demand deposits. It is an accumulating token whose price rises with the underlying yield, the same mechanic as svZCHF, and it is the rare Treasury-backed product with no transfer whitelist. Minting is KYC-gated and closed to US persons under Regulation S, with a 40 to 50 day lock on newly minted tokens, but secondary transfers are fully permissionless, which is why USDY circulates freely in DeFi. Liquidity on mainnet is deep: aggregator quotes fill a $1 million USDC-to-USDY swap with positive price improvement across multiple independent routes, so Reserve auction fillers can source it without any special integration. No protocol work is required on Reserve’s side, since Index DTFs use no price oracles or collateral plugins and can hold virtually any standard ERC-20. USDY is the accumulating token, not the rebasing rUSDY, which the Index Protocol explicitly does not support, so the contract address above is the only valid one for this basket.
The honest disclosures. USDY is issuer paper from Ondo USDY LLC, a secured note rather than a fund share, so holders rely on Ondo’s structuring and bankruptcy-remoteness arrangements alongside the Treasuries themselves. Ondo retains issuer controls, including a sanctions blocklist and the ability to pause transfers, standard for regulated RWA paper but a centralization point worth naming. And the Reg S restriction, while irrelevant to on-chain transfers, means US persons cannot mint or redeem it directly.
After the change the sleeve holds sUSDS 18%, USDY 10%, steakUSDC 8%, and syrupUSDC 4%, still 40% in total. The backing now spans four distinct engines: Sky at 18, US Treasuries at 10, Morpho credit at 8, Maple credit at 4. No single yield source exceeds 18% of the basket.
The July 2026 rebalance
The defensive legs held while Bitcoin and gold fell, leaving both growth legs underweight. The rebalance trims what held, funds the USDY addition, and buys what fell, back to fixed targets. Live weights are as of early July 2026. Actions are in percentage points.
| Asset | Token | Live | Target | Action |
|---|---|---|---|---|
| Swiss franc | ZCHF → svZCHF* | 24.76% | 20% | Trim 4.76 |
| USD yield | sUSDS | 21.96% | 18% | Trim 3.96 |
| USD yield | steakUSDC | 16.91% | 8% | Trim 8.91 |
| USD yield | syrupUSDC | 5.83% | 4% | Trim 1.83 |
| USD yield | USDY | 0% | 10% | Buy 10.00 |
| Gold | XAUT | 17.86% | 20% | Buy 2.14 |
| Bitcoin | cbBTC | 12.68% | 20% | Buy 7.32 |
In net terms it trims 4.76 points of franc and 14.70 of existing stablecoins to fund 10.00 of USDY, 2.14 of gold, and 7.32 of Bitcoin. This is not a market call. It is mechanical restoration on a schedule, plus one backing-diversification swap inside the stablecoin sleeve.
* svZCHF substitution is conditional, see below. The franc slot is unchanged either way.
svZCHF yield upgrade
Plain ZCHF earns no yield, a drag on a fifth of the basket that contradicts the yield-bearing premise of the defensive sleeve. The Frankencoin Savings Vault, svZCHF, is a standard ERC-20 and ERC-4626 token that earns the savings rate while staying fully transferable. It takes the same 20% slot.
The mechanism is settled. svZCHF is atomically mintable through OpenOcean. The necessary work sits on Reserve’s side, registering svZCHF as collateral and routing acquisition through the OpenOcean mint path. That is development, not a governance switch.
We therefore ask the Reserve team to add that capability. If it ships before July 5, the franc slot migrates to svZCHF this cycle. If not, ZCHF holds for July and the swap executes once routing lands, either off-cycle or at the January 2027 rebalance.
Execution
The rebalance runs as standard Index DTF Dutch auctions. At current size they clear almost instantly with negligible slippage, so this cycle also serves as a low-risk rehearsal of the governance and auction process before it matters at higher TVL. Price ranges are set conservatively per liquidity tier at execution. The basket moves from six tokens to seven, and the earlier “nine tokens” reference in this thread is stale.
What is not changing
The four-bucket thesis and the 40/20/20/20 allocation are untouched, as are the fees and the governance surface of scheduled rebalances, asset-change criteria, the threshold trigger, and the DTF governor veto. No leverage, no exotic assets.
Feedback requested
Three asks. Reserve to confirm front-end and zap-mint support for USDY and to add svZCHF routing via OpenOcean to support the savings vault integration, and delegates to weigh in on the semi-annual cadence, the USDY addition, and the thirty-day notice.
This is a governance proposal, not investment advice.