July 2025 Financial Reconciliation & Reporting Activities

• Reconciliation of DAO-wide transactions for July 2025
• Optimisation of the Financial Reporting Dashboard
  • Added target metrics
    • Expenses based on budget of ~$4.6M per year
    • Revenue based on breakeven point
    • Bridge volume based on Q4 2024 annualised
• Preparation of the Financial Reporting Dashboard for July
• Preparation of the H1 2025 Financial Statements & Financial Reporting Dashboard
• Analysis of the H1 2025 Financials for Presentation to Threshold Committee
• Presentation of the H1 2025 Financials to Threshold Committee

July 2025 Incentives Management Activities

• Revised incentives allocation:
  • Created strategy to reallocate incentives from the tBTC/eBTC pool on Curve mainnet due to depreciation by Badger DAO:
    • Reallocated to tBTC/cbBTC pool on Curve mainnet to boost APR and position to capture eBTC TVL outflow
    • Executed adjustments without poll approval due to time sensitivity. Requested Committee members only sign if they were comfortable with the adjustments
    • Strategy resulted in doubling TVL on tBTC/cbBTC despite only 6% TVL outflow from eBTC/tBTC pool
  • Created strategy to provide DAO incentives to the Mezo Gearbox tBTC market (at the request of Mezo). This request was outside of the tLabs allocated budget, so reallocating part of the DAO incentives budget temporarily appeared the best solution.
    • $2.5k monthly budget reallocated from tBTC/cbBTC on Aerodrome Base to Gearbox
    • $2.5k monthly budget reallocated from tBTC/WBTC on Curve Arbitrum to Gearbox
    • Posted poll
• Investigated previous Arbitrum Curve quest through Paladin which did not attract votes, resulting in a significant drop in APR and loss of TVL
• Maintained weekly monitoring of changes in TVL of incentivised pools
• Prepared monthly summary of changes in TVL of incentivised pools
• Deployed weekly incentives for Aerodrome pools
• Deployed biweekly Merkl incentives for Uniswap pools on Arbitrum
• Deployed biweekly Paladin Quest incentives

June 2025 Financial Reconciliation & Reporting Activities

• Reconciliation of DAO-wide transactions for June 2025
• Configuration of the Financial Reporting Dashboard
  • Monthly Summary (Expenses & Revenue)
  • Monthly Bridge Analytics
• Preparation of the Financial Reporting Dashboard for June
• Optimisation of the DAO Financial Reports
  • Inclusion of Granular Tags for Contractor Roles
  • Adjustment of Expenses Report to better show Threshold Committee and Contractors