GTF third quarterly report - State of the VeloraDAO

Research and Discussion
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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:

  • Community Call held on October 3rd.
  • We promoted the DAPG, which received three valid submissions that were reviewed and received feedback from multiple delegates. In the coming weeks, we will assess which of these proposals shows stronger potential to continue advancing their development.
  • Discontinuation of the Gas Refund Program: Proposal that was approved by the DAO.
  • Partnership with Octav approved by the DAO to improve treasury transparency. We are working alongside Avantgarde, in their role as VTM, on the final setup and public release of the dashboard and reporting tools.
  • Discussion around the need to establish a buyback mechanism for Velora. The debate received significant community feedback. We are currently working with Avantgarde to deepen the research with the aim of reaching a conclusion and presenting a well-founded recommendation to the DAO.
  • Discussions continued, and improvements were introduced to the proposal to Deploy Liquidity into Liquity V2 VLR Pool.
  • Debate and proposal regarding a fund refund request from a user who claimed to have been affected by the AugustusV6 vulnerability in March 2026. The subsequent submission of a formal proposal on Snapshot allowed the DAO to set a clear precedent for potential future claims, bringing closure to the matter and providing greater predictability.

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:

  • 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 September (in early October), October (in early November), and November (in early December). 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 payment 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.
  • Decentralized Multisig Authority - Quarterly Review: We conduct the first quarterly review of signers into the DAO’s decentralized multisig authority across 11 wallets spanning multiple blockchains, to determine whether any replacements are needed. After the review, we presented a report to the DAO stating that no changes were detected in the ranking of the three main delegates, so it has not been necessary to replace any signer.
  • Delegate Activation Program for Content Production (DAPG): We promoted the first delegate program of this kind in the DAO, which produced four submissions, three of which were valid (the remaining one was withdrawn by the author). We also provided feedback on the three valid submissions, and we look forward to seeing whether any of them will achieve consensus and evolve into a formal proposal.
  • Proposals Promoted by SEEDGov:
  • Proposals on which SEEDGov provided feedback on the initial draft and subsequent amendments:
  • Community Calls: We organised and hosted the Community Call held on October 3rd.
  • Support a delegate: We assisted Beni with the incorporation in to the VCP.
  • GTF second quarterly report - State of the VeloraDAO: We submitted the GTF Q2 report, including relevant DAO metrics and analytics. We invite you to read it and contrast it with this second Q3 report from the GTF.
  • Support to Wakeup Labs: Snapshot configurations for rewards distribution and gas refunds proposals.
  • We promoted the DAPG, which received three valid submissions.
    • Met several times with Citizen to assist and provide feedback for the creation of their submission, and afterwards to evaluate the feedback received and to determine the next steps that have been taken.
    • Assisted Tané by providing the information and insight they requested in order to prepare their submission.
    • Provided feedback on the three valid submissions.
  • Assistance in the implementation of the Futarchy proposal: Coordination with futarchy.fi team for multisig setup, required transfers to bootstrap the initial liquidity pool, and configuration work to enable the first futarchy test in Velora DAO, in line with the approved proposal.
  • Support to the Velora Treasury Manager (VTM): Ongoing assistance to Avantgarde in its role as VTM, including the identification and labelling of all DAO-related wallets (DAO wallets, service providers, delegates, and others), as well as participation in calls with the Octav team to configure the transparency dashboard, pursuant to the approved proposal.
  • Governance Day: Coordination with Curia, DAOplomats, Wakeup Labs, and Beni to support Velora DAO’s participation in Governance Day at Devconnect, including booth organization, graphics, one-pager materials, POAP design and distribution, speaker coordination, and on-site assistance at the booth to engage with attendees and provide information about Velora.
  • Proposal Assistance: Support provided to Citizen and the VTM on the “Deploy Liquidity into Liquity V2 VLR Pool” proposal, covering feedback for the initial draft, analysis of delegate feedback, responses to comments, and collaboration on next steps to refine the final version of the proposal in alignment with the feedback received.
  • VCG – Reflections and Recommendations: Based on the results of the first season and the launch of Cycle 2 of the VCP with its Contributor Points (CP) system, we recommended discontinuing the VGC and shifting the DAO’s focus away from a closed, committee-based structure toward delegate-driven, incentive-aligned initiatives, which was well received by the community.
  • Setting a DAO Precedent: In response to a funding request posted on the DAO by a user claiming to have been affected by the AugustusV6 vulnerability in March 2024, we brought the request to a formal proposal to be discussed on the DAO, and then submitted it to a Snapshot vote. This process allowed the DAO to establish a clear precedent regarding the DAO’s opinion for handling potential similar claims in the future.
  • 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.

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 VLR, and a 30-day vesting period is applied. As such, although the VCP began in September 2025, the first calculations were made in October, and the first payments were executed in November.

Details below:

  • Month 1 – September 2025:

    Following the reopening of applications, 16 delegates participated, of which 15 received incentives.

  • Month 2 – October 2025:

    Following the reopening of applications, 16 delegates participated, of which 15 received incentives.

  • Month 3 – November 2025:

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

    • Total monthly amount: $ 23,400
    • PSP equivalent: 3,935,416
    • Execution: First days of January 2026
    • See performance results | The transfer will be executed during the first days of January 2026, complying with the 30-day vesting period.
    • Cumulative (Month 1 to 3): $67,900 | 8,300,630 VLR
    • At month 3 (i.e., at the midpoint of the cycle), this amount is 39,65% below the $112,500 of half of the total budget for the six-month months cycle 2 program, representing $44,600 cost savings to date for the DAO.

9.- b) Service Providers

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

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- month budget with per-epoch payments of $60,000 USD.

Payments made during the October–December period:

  • October 28: 14.403 WETH - epoch 6/12 (equivalent at that time to $60,000 USD) | See transaction

  • November 25: 21.292 WETH - epoch 7/12 (equivalent at that time to $60,000 USD) | See transaction

  • December 22: 11.896 WETH - partial payment for epoch 8/12 (equivalent at that time to $36,000 USD) | See transaction

  • January 05: 7.91 WETH - balance payment for epoch 8/12 (equivalent at the time when the multisig tx was created to $24,000 USD) | See transaction

    Total for October–December period: 55.501 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 October–December period:

Total for October-December period: 2.81 WETH

SEEDGov - Governance Task Force

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

The proposal includes a twelve-month 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 VLR.

The following payments were made during the October-December period:

  • Fixed Payment:

    • October 28: 2.4 WETH - epoch 7/12 (equivalent at that time to $10,000 USD) | See transaction
    • November 25: 3.529 WETH - epoch 8/12 (equivalent at that time to $10,000 USD) | See transaction
    • December 22: 3.278 WETH - epoch 9/12 (equivalent at that time to $10,000 USD) | See transaction

    Total for the October-December period: 9.207 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 VLR 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 during the October-December period:

Avantgarde

Avantgarde was onboarded as a service provider through **PIP-69,** approved on August 29, 2025.

The proposal defined a fixed $ 75 hourly rate, with a maximum of 10 hours/week to be paid in VLR with a monthly basis.

Payments made during the October–December period:

  • November 13: 183,729 VLR (equivalent at that time to $1,425 USD) for the September and October invoices.
  • Total for October–December period: 183,729 VLR

9.- c) 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. At the end of the six months of Season 1, we recommended not renewing the structure for Season 2, which was well received by both VGC members and the rest of the community. Therefore, during the October-December period, payments for the second and final quarter were made:

  • December 10: 1,601,467 VLR (equivalent at that time to $9,625 for the second and last quarter) was paid to all its members.

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

10.- Conclusion

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

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.

We believe that the path taken over the past year has laid the foundations upon which the DAO should now build to face the new challenges currently confronting Velora. Both market conditions and the specific characteristics of the protocol itself require a renewed and intensified effort for the DAO to deliver real, concrete contributions with a direct impact on the protocol.

In this context, we intend to present, in the near future, our vision of what the DAO’s strategic objectives for 2026 should be and how to achieve them. We do so with the conviction that the foundations are already in place, and that this is the moment for the DAO, together with all its members, to align more strongly with one another and with the protocol, and to collaborate effectively and meaningfully in its growth.

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