GTF second quarterly report - State of the VeloraDAO

Research and Discussion
2

Post 2/2

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.

image
image1682×909 113 KB

*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.

image
image1783×807 115 KB

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:

image
image1617×491 56.4 KB

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)

image
image1619×508 49.3 KB

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!

2 Likes