GTF second quarterly report - State of the VeloraDAO

Research and Discussion
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*This report is split into two posts due to character limits

Post 1/2

Initial Clarification: Most of the Snapshot data used to be taken from the VeloraDAO governance dashboard developed by SEEDGov. Unfortunately, in mid-August the solution Snapshot was using to upload data to Dune was deprecated, meaning a new script needs to be coded to continue feeding data into Dune. As this has not yet been implemented by Snapshot, so the data up to mid-August is sourced from these dashboard, while from that point onwards it has been manually collected by SEEDGov from VeloraDAO Snapshot Space and incorporated through editing into the charts to graphic the relevant data.

This document represents the second quarterly report we committed to presenting to the DAO as part of our role in the Velora Governance Task Force, with the goal of providing insight into the DAO’s overall state and participation.

To that end, we will begin by analyzing the starting point — the condition of the DAO prior to our full involvement in October 2024. We will then review an intermediate stage, from October 2024 to March 2025, during which we acted as delegates, then the first GTA quarter from April to June 2025 -a period covered by our first quarterly report-, and finally examine the period from July 2025 to the present. We will highlight the evolution, activity levels, participation, and overall condition of the DAO.

In our comprehensive report titled “Driving Protocol Success through Optimized Governance”, published on November 10, 2024, we stated the following: ‘DAOs face significant challenges, such as lack of participation, apathy among token holders, organizational difficulties, and the tendency to become slow and inefficient structures, and ParaSwapDAO is no exception’. In that report, we conducted a detailed analysis of several DAO metrics, all of which revealed that the then-ParaSwapDAO was going through a period of very low activity—almost stagnation—with very few proposals or debates. Nearly all participation efforts were being driven by the Foundation and Laita, who were behind almost every initiative.

Let’s now look at concrete numbers and how they’ve evolved since then:

1.- Proposals

This metric is particularly relevant to us, as proposals are the lifeblood of a DAO. They reflect that community members are actively submitting governance initiatives, engaging in discussion, and ultimately putting them to a vote. This is the purest expression of a DAO: generating ideas, debating them, and collectively deciding on actions that will impact the DAO and/or the protocol.

Since the inception of the DAO until November 2024, a total of 68 proposals have been voted on over approximately three years, averaging 1.8 proposals per month, consistent with the scale of ParaSwap:

  • 2021 (November and December): 11 proposals - Average of 5.5 proposals per month
  • 2022: 22 proposals - Average of 2 proposals per month
  • 2023: 29 proposals (the year with the highest activity) - Average of 2.4 proposals per month
  • 2024 (until November): 6 proposals - Average of 0.6 proposals per month
  • From November 2024 to March 2025: 10 proposals - 2 proposals per month
  • From April 2025 to June 2025: 14 proposals - 4.66 proposals per month
  • From July to September 2025: 11 proposals - 3.67 proposals per month

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These metrics show that since our involvement in the DAO, during the period from November 2024 to March 2025 (with an average of 2 proposals per month) the DAO quickly reversed the near-paralysis it had experienced during the earlier part of 2024, which averaged only 0.6 proposals per month. This shift brought proposal activity levels closer to those of 2023, which had been the DAO’s most active year to date, averaging 2.4 proposals per month.

Furthermore, during the first quarter since we assume the role of Governance Task Force (GTF), between April 2025 and June 2025, these metrics have shown meaningful growth, reaching an average of 4,66 proposals per month.

During the July–September quarter, a total of 11 proposals were voted on, averaging 3.67 per month. This level of activity remains consistently higher than in the November 2024–March 2025 period and well above earlier levels and confirms the sustained high activity the DAO has shown since late 2024, which further intensified starting in April 2025, demonstrating that the DAO is consolidated, healthy, and active.

2.- Voters

The number of individual voters (addresses) has steadily declined since the inception of the DAO:

  • First 10 votes: Average of 708 addresses
  • From November 2023 to October 2024: Average of 160 addresses
  • From November 2024 to March 2025: Average of 67 addresses
  • From April 2025 to June 2026: Average of 57 addresses
  • From July to September 2025: Average of 49 addresses

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These data reflect the shift in the DAO’s participation model from a highly atomized structure of direct involvement by many tokenholders with low voting power, to one where professional delegates now play a central role.

Many token holders have chosen either to step back from direct involvement or to delegate their voting power to experienced and dedicated delegates. While direct participation from token holders is positive and desirable, it has become increasingly rare in practice. In contrast, professional delegates have proven to offer a more balanced and stable governance approach, often bringing technical expertise, consistent involvement, and a long-term perspective—unlike individual holders who may be driven by short-term incentives.

This shift has been instrumental to the growth of VeloraDAO, enabled by the successful launch of the Delegate Program Trial Period and later the 6-month *Delegate Incentive Program* that ended in August, which provided the foundation for a more professional and reliable delegation system —you can read the final report on the Cyclle 1 of the Program here—, and which we hope will be consolidated with Velora Contributor Program (VCP) Cycle 2, recently launched in September. The effectiveness of this model is further reflected in the following section, where we analyze the sustained growth of voting power in the DAO’s decision-making process.

We note that the last vote had the participation of only 30 voters, a significantly lower numbers than usual, which dragged down quarterly average. However, we believe this may be explained by the fact that the vote took place just a few days after the migration from PSP (sePSP1 and sePSP2) to VLR (and seVLR) voting tokens, meaning that many tokenholders and stakers had likely not yet migrated their positions and therefore did not qualify to vote. We will continue to monitor this metric in the coming weeks and months to assess how the migration progresses and how it impacts participation in future votes.

3.- VP (Voting Power - PSP Voter)

The amount of tokens used for voting has increased over time. Since the implementation of the PSP 2.0 system in February 2023:

  • First 10 DAO votes: Average voting power of nearly 76 million PSP
  • From November 2023 to October 2024: Average voting power of nearly 139 million PSP (83% increase)
  • From November 2024 to March 2025: Average voting power of nearly 325 million PSP (134% increase)
  • From April 2025 to June 2026: Average voting power of nearly 394 (21% increase)
  • From July to September 2025: Average voting power of nearly 364 **(7,5% decrease)

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Voting PSP has shown a consistent upward trend since the DAO’s inception, with a noticeable dip in participation during Q1 2024 that was subsequently reversed. Since November 2024, PSP participation has recovered significantly, growing by over 130%, with further growth by over and additional 21% observed in the first quarter since we assumed our role as GTF between April and June 2025. The July–September quarter shows a slight decrease of nearly 7,5% compared to the previous quarter. However, activity remains at very similar levels, clearly higher than those recorded before April 2025, and still much higher than those observed prior to November 2024.

A closer look at the chart above, combined with that of Proposals Over Time, not only confirms this exponential growth but also reveals four distinct phases in the DAO’s voting PSP participation.

  1. Phase 1 (November 2021 – February 2023):

    This early stage was marked by very low PSP participation, but high numbers of individual voters. This suggests that many retail users, each holding small amounts of tokens, were actively involved in governance, though total voting PSP remained low.

  2. Phase 2 (February 2023 – January 2024):

    A period of steady growth in voting PSP, increasing from around 55 million to 251 million. Combined with an increase in governance proposals, this indicates a DAO that was expanding in both activity and engagement.

  3. Phase 3 (January 2024 – October 2024):

    This phase reflects the previously discussed stagnation period. Both proposal activity and voting PSP sharply declined. This decline was not coincidental—the DAO’s inactivity led to growing apathy among token holders, creating a vicious cycle of disengagement.

  4. Phase 4 (November 2024 – Present):

    In this most recent phase, the DAO has experienced a strong resurgence, with record highs in both proposal activity and voting PSP. The prior vicious cycle has been replaced by a virtuous one: more proposals, deeper debate, and significantly higher PSP engagement in decision-making processes.

The observation of this graph also confirm that the previous ceiling of PSP token participation in votes during 2024 —around 300 million PSP, which was a historical record until November of that year— has become consolidated as the floor of participation. This significantly higher presence of voting PSP is highly positive for the overall health of the DAO for multiple reasons:

  • Greater legitimacy and representativeness in decision-making.
  • Greater security and resilience against potential capture attempts or governance attacks.
  • Greater accountability, control and alignment of interests over the proposals debated and voted on.
  • Fostering engagement and a sense of community.
  • Community maturation key for the long-term stability and evolution of a DAO.
  • Attraction of new stakeholders that an increase new opportunities.

In short, the new consolidated floor of PSP participation not only improves the quality and legitimacy of decision-making, but also represents an institutional shield and a clear sign of the resilience and maturity the DAO has achieved.

4.- Forum Activity

An equally important indicator of the DAO’s progress is the noticeable increase in both the activity and quality of discussions on the governance forum. While this may seem like a subjective observation, it becomes evident when reviewing current threads: there is a clear rise not only in the number of contributions but also in their depth and constructiveness.

We now see more thoughtful and well-rounded conversations, with extensive constructive feedback and actionable suggestions that often lead to revised proposals. These improved versions tend to reach Snapshot with greater clarity, robustness, and broader consensus than the initial drafts. These reflect a DAO that is entering a more mature and active phase, not only in terms of proposal volume but also in its quality and sophistication of governance discussion.

5.- PSP staking

By mid-to-late September, the total PSP staked amounted to 398.7M, distributed as 352M on Ethereum and 46.7M on Optimism. Over the last two and a half months, the total PSP staked decreased by 43.5M, representing a 9.8% decline. Breaking it down by chain: on Ethereum, it fell from 396.4M to 352M (a 9% decrease), while on Optimism it increased from 45.7M to 46.7M, showing a modest 2.2% growth.

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Source: ParaSwap PSP 2.0 General Metrics

Regarding unique stakers, the total number stood at 4,032, evenly distributed with 2,016 on Ethereum and 2,016 on Optimism. This represents a decline from 4,160 to 4,032, a 3% drop overall. On Ethereum, the number went from 2,069 to 2,016 (–2.5%), while on Optimism it decreased from 2,071 to 2,016 (–2.6%).

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We understand that these results, taken in mid-to-late September, are not fully representative of the current situation, as Velora and its tokenholders/stakers are in the midst of the migration process to the new VLR token and the new seVLR staking, while the previous sePSP1 staking is being deprecated and Base has been introduced as a new chain for holding and staking VLR. It will take some time for this migration to be completed or at least more advanced, and for us to be able to accurately assess the outcome of the process and the new composition of VLR staking.

6.- DAO Structure

In November 2024, the DAO had a minimal structure:

  • GovCo was the only existing structure, centralized in nature, and had a relatively minor role: overseeing the Ethereum Fee Claimer wallet and executing the fee distribution and gas refund, as well as approving emergency proposals for PIP qualification.
  • The calculations for fee distribution and gas refunds were done manually, with the responsibility falling on the ParaSwap/Velora team. This not only added to their workload but also carried the latent risk of human error due to the manual nature of the process.
  • There were no other structures in place.
  • While Snapshot was enabled, there were no delegates formally introduced on the forum, nor were there any participating or reporting on their activity.
  • The DAO community was limited to the Paraswap team at the time and a few individual contributors acting without coordination.

By March 2024, the reality of the DAO had changed significantly:

From April to June 2025, even within a short period, this trend toward greater maturity and structuring of the DAO deepened:

From July to August 2025, although once again a short period of time, significant progress was made in further structuring and managing the DAO in a more mature and professional manner:

  • Formalization and activation of a decentralized and transparent multisig authority composed of 8 members (5/8 threshold), including service providers and delegates, to manage a total of 11 DAO safe wallets across different blockchains.
  • Development and presentation of the VeloraDAO Expense Dashboard as a transparency tool to track all DAO expenses.
  • Formalization of the Velora Treasury Manager to manage, activate, optimize, safeguard, and sustainably grow the DAO’s treasury, under an appropriate framework that clearly defines and limits its functions and responsibilities.
  • Strengthening of the delegate program towards a cycle 2 that will aim to achieve delegates act as genuine contributors to the protocol’s success.
  • The Velora Growth Committee (VGC) created and presented the Velora Community Mirror, where numerous pieces of content generated by VGC members and other delegates have been submitted, as a tool for the DAO to support Laita’s efforts in content generation and promotion of Velora.
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GTF third quarterly report - State of the VeloraDAO
PIP-62 - Velora Governance Task Force
GTF third quarterly report - State of the VeloraDAO
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7.- DAO Activity

Regarding the actual activity developed within the DAO, between July and August 2025 we can highlight the following:

  • Debate and approval of Laita’s proposal to Deploy VLR on BSC.
  • Activation of the DAO multisig authority, which within just a few hours approved and executed 3 transactions (swap, approval and payment of the Snapshot Pro plan).
  • The Velora Growth Committee (VGC) leading initiatives such as Announcing the Velora Community Mirror Account for the creation and dissemination of articles and content about Velora.
  • Launch of the Delegate Activation Program for Content Production, which mobilized 6 delegates who produced, published and distributed articles on diverse topics related to Velora, supporting Laita’s efforts in generating and distributing content about Velora. The fact that 6 delegates participated out of the 15 active at that time (40%) represents a strong first step for the DAO in generating tangible contributions that add value to the protocol’s success.
  • Discussion and approval of the Velora Contributors Program (VCP) – Cycle 2, including changes that emphasize the need for a DAO and delegates truly committed and aligned to contribute to the protocol’s success, which received broad support from the community.
  • Applications from 16 delegates for VCP Cycle 2 who met the minimum participation requirements, out of a total of 20 delegates who submitted applications on the forum, the majority of whom are very active participants.
  • Discussion, approval and execution of the proposal to upgrade Velora’s Snapshot space to Snapshot Pro, in order to maintain an essential DAO function like split delegation, while also adding new functionalities.
  • Community Call – Thursday, July 17th at 3pm UTC.
  • Discussion and voting of the proposal submitted by Curia for the DAO to sponsor Governance Day, the most important global Web3 governance event, within the context of Devconnect – Buenos Aires.
  • Discussion of the Liquidity Funding for Futarchy Experimentation in Velora Governance proposal.

8.- GTF Activity

Regarding the work specifically carried out or promoted by us since July 2025 in our role as Governance Task Force (GTF), we detail below the key activities:

  • DIP/VCP Program Manager: As Program Manager of the Delegate Program —a function integrated into the GTF role— we have tracked and assessed all delegate activity. We published monthly reports for June (in early July), July (early August), and August (in early September). All data has been compiled into public spreadsheets for full community oversight. We also created the necessary batches in the Main DAO Multisig to execute DIP payments transactions. All of this was duly reported in the above-mentioned monthly results program posts. This transparency allows delegators to evaluate their delegate’s performance and decide whether to continue delegating to them. It also allows delegates to reflect on their activity and improve if needed. The goal is to promote more impactful and accountable participation.
  • Delegate Program Cycle 1 - Final Report: We have presented the Final Report of the first cycle of the Delegate Program, which in our view has been a great success. We invite you to read it.
  • Velora Contributors Program (VCP) - Cycle: We also submitted for debate the proposal that was later approved, launching Cycle 2 of the Delegate Program, with a strong emphasis on the DAO’s need for true contributors that can support Laita’s efforts in driving Velora’s success. September was the first month of the new VCP, which means that in the next report, to be delivered in January 2026, we will be able to assess the first impacts of the new program.
  • VCP Cycle 2 - Application: We managed the application process for Cycle 2 of the VCP, where 16 delegates applied in September, all meeting the minimum requirements.
  • Decentralized Multisig Authority: - Activation We coordinated the selection and onboarding of signers into the DAO’s new decentralized multisig authority across 11 wallets spanning multiple blockchains, and we created and oversaw the execution of the first transactions, which were successfully signed and approved in a fast and efficient manner. We also coordinated with the Snapshot team for subscription activation.
  • Delegate Activation Program for Content Production: We promoted the first Delegate Content Production Program, which resulted in the successful participation of 6 delegates producing high-quality content. We coordinated with the VGC to incorporate these pieces into the Community Mirror and with Laita to support their dissemination, reinforcing Velora’s communication efforts.
  • Proposals Promoted by SEEDGov:
  • Community Calls: We organised and hosted the community call held on July 17.
  • Support a delegate: We Assisted Argonaut with the integration process and verification of VP due to a Snapshot error.
  • New Delegates Onboarding: Guidance and support for 2 new delegates, Beni and Today in DeFi Research, on how to obtain delegation and participate in the DAO and be part of the VCP Cycle 2.
  • Tiebreaker: Applied a tiebreaker mechanism after 16 delegates applied in Cycle 1 of the DIP, demonstrating the efficiency of the safeguard included in our DIP Cycle 1 proposal.
  • GTF first quarterly report - State of the VeloraDAO: We submmited the GTF Q1 report, including relevant DAO metrics and analytics. We invite you to read it and contrast it with this second Q2 report from the GTF.
  • Activity Monitoring: Last but not least, we have conducted detailed monitoring of both the DAO’s and delegates’ activities. This has not only enabled the production of this report, but also allowed us to inform the community about the DAO’s history, evolution, and current state, an essential foundation for planning and developing future strategies.
  • Support to Wakeup Labs: For the integration and the two test proposal of the oSnap module into Snapshot, to enabling the rewards distribution and gas refund on Base.
  • Snapshot configuration: Updated and replace the PSP (sePSP1 and sePSP2) voting token for VLR and its staking version seVLR on Ethereum, Optimism, and the newly added Base chain. Due to a problem we experienced with Snapshot space and the external API they use, which left the DAO literally paralyzed with no possibility of submitting and voting on proposals, we contacted the Snapshot team to urgently resolve the situation, which we have successfully done, leaving Snapshot fully functional, allowing delegation and recognizing the voting power of each tokenholder and delegate on the three networks supported by Velora.

9.- DAO Expenses

This section outlines the DAO’s expenses, broken down by category and amount, supported by publicly verifiable on-chain data that has been systematically organised to facilitate community oversight.

9.- a) Delegate Incentive Program (DIP)

As a preliminary note, it’s important to clarify that, as outlined in the program, payments to delegates are calculated retroactively: At the end of each month, delegate activity is assessed, the compensation in USD is determined, converted into PSP, and a 30-day vesting period is applied. As such, although the DIP began in March, first calculations were made in April, and first payments were executed in May.

Details below:

  • Month 1 – March 2025:

    Out of 9 participating delegates, 8 received incentives.

  • Month 2 – April 2025:

    All 9 delegates received compensation.

  • Month 3 – May 2025:

    8 out of 9 delegates received incentives.

    • Total monthly amount: $16,500
    • PSP equivalent: 911,600
    • Execution: First days of July
    • While outside of the GTF Q1 date (April–June), we include it here for transparency.
    • See performance results | See transactions
    • Cumulative (Month 1 to 3): $55,000 | 3,287,560 PSP

  • Month 4 – June 2025:

    Following the reopening of applications, 14 delegates participated, of which 12 will receive incentives.

  • Month 5 – July 2025:

    Following the reopening of applications, 14 delegates participated, of which 12 received incentives.

  • Month 6 – August 2025:

    Following the reopening of applications, 14 delegates participated, of which 15 will receive incentives.

    • Total monthly amount: $29,000
    • PSP equivalent: 1,301,616
    • Execution: First days of October
    • See performance results | The transfer will be executed during the first days of October, complying with the 30-day vesting period.
    • Cumulative (Month 1 to 6): $130,00 | 6,778,441 PSP
    • This amount is 27,78% below the $180,000 total budgeted for the six months cycle 1 program, representing $30,000 cost savings for the DAO.

Total DIP expenses executed in the April/September period

Here you can see the total amount of PSP paid to each delegate until September 30. By clicking on each bar, a menu appears showing the details of every individual payment, including the amount, year, month, the wallet from which the payment was made, and a link to the transaction hash. And the pie chart showing the percentage of each delegate’s income received. Expanding it gives more details of each tx and filter by delegate. Please login and request access to see it in detail.

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*Note that this charts has now been updated to reflect the July DIP payments transferred in early September, but it will be updated when the payments for August are made in early October.

9.- b) Service Providers

This section outlines the payments made to the DAO’s four current service providers: Laita, Mimic, SEEDGov, and WakeUp Labs:

Laita

Laita was onboarded as a service provider through PIP-64, approved on May 19, 2025.

The proposal defined a $300,000 USD budget in ETH, to be invoiced after proposal execution, and a twelve months budget with per-epoch payments of $60,000 USD.

Payments made during the April–September period:

  • May 21: 125 WETH - initial payment (equivalent at that time to $300,000 USD)

  • June 9: 23.611 WETH - epoch 1/12 (equivalent at that time to $60,000 USD)

  • July 7: 23.413 WETH - epoch 2/12 (equivalent at that time to $60,000 USD)

  • August 4: 16.854 WETH - epoch 3/12 (equivalent at that time to $60,000 USD)

  • September 1: 13.619 WETH - epoch 4/12 (equivalent at that time to $60,000 USD)

  • September 29: 14.659 WETH - epoch 5/12 (equivalent at that time to $60,000 USD)

    Total for April–September: 217.158 WETH

Mimic

Mimic was initially engaged via PSP-IPΔ23, approved in December 2022.

Its current relationship with the DAO is governed by PIP-34, approved in June 2023, which provides for compensation equal to 2% of assets processed per epoch, with a cap of $5,000 USD.

Payments made during the April–September period:

  • April 14: 3 WETH

  • May 12: 1.23 WETH

  • June 9: 1.177 WETH

  • July 7: 1.283 WETH

  • August 4: 1.371 WETH

  • September 1: 1.136 WETH

  • September 29: 0.903 WETH

    Total for April–September: 24.664 WETH

SEEDGov - Governance Task Force

SEEDGov was incorporated as a service provider through PIP-62, approved in April 2025.

The proposal includes a twelve months budget consisting of:

  • A fixed payment of $10,000 USD per epoch, payable in ETH.
  • A quarterly performance amount equal to 1.5% of protocol revenue, with a cap of $15,000 USD per quarter, payable in PSP.

The following payments were made during the April–September period:

  • Fixed Payment:

    • May 12: 3.897 WETH - epoch 1/12 (equivalent at that time to $10,000 USD)

    • June 9: 3.935 WETH - epoch 2/12 (equivalent at that time to $10,000 USD)

    • July 7: 3.902 WETH - epoch 3/12 (equivalent at that time to $10,000 USD)

    • August 4: 2.809 WETH - epoch 4/12 (equivalent at that time to $10,000 USD)

    • September 1: 2.269 WETH - epoch 5/12 (equivalent at that time to $10,000 USD)

    • September 29: 2.443 WETH - epoch 5/12 (equivalent at that time to $10,000 USD)

      Total accumulated for the April–September period: 19.257 WETH

  • Quarterly Performance Amount

Wakeup Labs

Wakeup Labs was onboarded as a service provider through PIP-55, approved in December 2024.

The approved budget includes a fixed development cost of $25,400 USD, split into two parts (50% paid in ETH at kickoff and 50% paid in PSP upon final delivery) and a 0.75% fee on processed transactions per epoch, with a cap of $1,500 USD, which is included in each Snapshot proposal for epoch reward distribution and executed together with the rest of the distribution.

The following payments have been executed:

  • December 27, 2024: 3.8 WETH (50% upfront development payment).

  • May 9, 2025: 0.895 WETH (retroactive fee from the first reward automation epoch).

  • May 19, 2025: 0.338 WETH (epoch fee).

  • June 6, 2025: 654,639 PSP (final 50% of the final development payment).

  • June 16, 2025: 0.181 WETH (epoch fee).

  • July 14, 2025: 0.213 WETH (epoch fee).

  • August 11, 2025: 0.285 WETH (epoch fee).

  • September 08, 2025: 0.341 WETH (epoch fee).

    Total accumulated: 6.056 WETH and 654,639 PSP

Total service providers expenses executed until September 30

Here you can see the total amount of WETH and PSP paid to each service provider until September 30. By clicking on each bar, a menu appears showing the details of every individual payment, including the amount, year, month, the wallet from which the payment was made, and a link to the transaction hash. The pie charts showing the percentage of each service provider’s wETH and PSP received. Expanding it gives more details of each tx and filter by service provider.

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These charts will be constantly updated as new payments are made.

*Note that this charts has now been updated to reflect the September payments transferred.

9.- c) ParaSwap Growth Working Group (PGWG)

This temporary structure submitted its final outcome on April 10, 2025, which was approved by the DAO through PIP-63 on April 28. The proposal includes a retroactive payment to compensate its members for the work performed, with the exception of us, which expressly declined to receive such compensation.

This was a one-time payment, as the PGWG was dissolved after fulfilling its intended purpose:

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9.- d) Velora Growth Committee (VGC)

This structure was created through PIP-63, approved on April 28, 2025, and provides for retroactive compensation to its members every three months. Following the conclusion of the member selection process on May 13, the structure became operational from that date and accordingly, the first quarterly payment for the period between May 12 and August 3 was calculated and processed in mid-August:

  • June 6, 2025: 506,004 PSP (equivalent at that time to $11,485) was paid to its four members.

    See invoices (and the subsequent comments) | See transactions (the last four tx)

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10.- Conclusion

We believe the DAO continues to show very encouraging signs of participation, discussion quality, and overall governance maturity.

That said, we do not see this as a final destination or the ideal state — quite the opposite. We are proud of the progress made in recent months, which is backed by consistently strong metrics and trends. During this quarter, we have also taken concrete steps to further decentralize and strengthen the DAO, while deepening our efforts to design and promote incentives that encourage members to contribute in meaningful ways that support the success of the protocol.

Our focus now is to reinforce and build upon this positive trajectory, so the DAO continues evolving toward greater maturity, structure, and efficiency — and ultimately fulfills its potential to become a key driver of protocol growth.

Accordingly, we hope this report serves not only as a formal deliverable, as committed in our role as the Governance Task Force, but also as a valuable resource for the entire Velora community. Our goal is for delegates, service providers, tokenholders, and all active stakeholders in the DAO to gain a clear understanding of where the DAO started, how it has evolved, and its current state. Reflecting on its journey, identifying both strengths and weaknesses, and recognizing ongoing trends are essential to shaping future strategies. We aim for this analysis to help strengthen what works, address areas for improvement, and continue building a DAO that is increasingly robust, mature, and efficient. Because we believe that well-structured, transparent, and participatory governance is not an end in itself, but rather a means to a greater goal: to make the DAO a key driver in the success and growth of the Velora protocol.

Thanks!

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