DAO Treasury Update

[Morten]

When the DAO was initiated, we documented treasury movements in the post linked below. We’ve tried to keep this up to date as new transactions has been executed, but in order to keep a better accounting of movements I thought it was a good idea to do a summary post of all Treasury movements to-date.

This is the initial post where we’ve tried to keep an accounting of movements:

First DAO Funding

We have officially funded 10M USDC and 100M JUP into a DAO wallet. This operational budget provides the DAO the capability to fund the ideas with USDC and have the JUP allocation for long term incentive alignment with J.U.P Catributors. Besides LFG selection, the DAO will also be responsible for funding key initiatives including Working Groups, public goods and community efforts. To ensure that the DAO will be able to execute on these crucial things over the long term, we will aim to top up t…

This post aims to summarize all movements described in the comments to this post and include any potential transactions that have not been documented in the post as well. When I say we’re including everything, I do mean everything. Below is a dropdown containing a table of all inbound and outbound test transactions. These test transactions have been used to test the operation of the receiving multi-sig and ensure functionality. Included is also a few minor inbound transactions not initiated by us.

Test Transactions

Date	Direction	Amount	Asset	Description	Tx
3/26/2024 11:56:03	Outbound	1.00	USDC	Test	link
3/26/2024 15:41:25	Outbound	1.00	USDC	Test	link
5/9/2024 16:20:55	Outbound	2.00	USDC	Test	link
5/11/2024 16:56:43	Outbound	1.00	USDC	Test	link
5/11/2024 16:57:34	Outbound	1.00	USDC	Test	link
6/21/2024 21:42:55	Outbound	1.00	USDC	Test	link
8/2/2024 13:25:21	Outbound	1.00	USDC	Test	link
9/15/2024 15:07:25	Outbound	1.00	USDC	Test	link
3/26/2024 9:44:35	Inbound	1.00	USDC	Test	link
3/26/2024 15:25:40	Inbound	1.00	USDC	Test	link
3/28/2024 13:27:52	Inbound	69.00	USDC	Test	link
5/9/2024 16:27:34	Inbound	1.00	USDC	Test	link
5/9/2024 16:43:33	Inbound	1.00	USDC	Test	link
5/11/2024 17:06:27	Inbound	1.00	USDC	Test	link
5/11/2024 17:42:01	Inbound	1.00	USDC	Test	link
6/23/2024 9:39:34	Inbound	1.00	USDC	Test	link
8/7/2024 11:22:40	Inbound	1.00	USDC	Test	link
9/15/2024 17:21:42	Inbound	1.00	USDC	Test	link
3/27/2024 0:40:54	Inbound	1.00	JUP	Test	link
3/27/2024 9:53:47	Outbound	1.00	JUP	Test	link
7/19/2024 11:34:25	Inbound	0.01	JUP	Unknown inbound	link
10/8/2024 17:15:17	Inbound	0.04	JUP	Unknown inbound	link
6/13/2025 15:46:22	Inbound	10	HUMA	Test	link

The below table in the dropdown includes all inbound transactions (except test transactions). The most interesting details here is perhaps the brand new DAO revenue stream of JupSOL revenue. It is in effect, and the incoming transactions can be viewed in the table below. The very last inbound transaction is the incoming part of our DAO Alliance Treasury Swap with Huma Finance.

Inbound Transactions

Date	Direction	Amount	Asset	Description	Tx
3/27/2024 15:50:17	Inbound	10,000,000.00	USDC	Initial Funding	link
3/27/2024 14:04:55	Inbound	100,000,000.00	JUP	Treasury funding 100m Jup	link
8/8/2024 5:44:19	Inbound	4,479,516.79	JUP	Unclaimed ASR	link
8/12/2024 12:25:49	Inbound	45,074.53	USDC	Returned Funds, Reddit Trial	link
6/12/2025 6:02:02	Inbound	50.58	JupSOL	Validator revenue	link
6/13/2025 20:01:27	Inbound	47.96	JupSOL	Validator revenue	link
6/15/2025 10:02:09	Inbound	42.42	JupSOL	Validator revenue	link
6/17/2025 18:02:01	Inbound	52.34	JupSOL	Validator revenue	link
6/19/2025 10:03:05	Inbound	41.92	JupSOL	Validator revenue	link
6/20/2025 4:17:36	Inbound	33,333,323	HUMA	Huma Finance DAO Alliance	link

Lastly we also have some outbound transactions. This includes workgroups and other initiatives voted on by the DAO. Most recently is the DAO Alliance with Huma Finance. All transactions are detailed with a description.

Outbound Transactions

Date	Direction	Amount	Asset	Description	Tx
5/8/2024 14:43:05	Outbound	112,500.00	USDC	CWG Quarterly 1/4	link
5/13/2024 8:05:28	Outbound	69,000.00	USDC	Catdet Working Group Trial	link
5/13/2024 8:05:36	Outbound	84,500.00	USDC	Web Working Group Trial	link
5/13/2024 8:05:48	Outbound	68,000.00	USDC	Reddit Working Group Trial	link
6/26/2024 7:07:52	Outbound	138,000.00	USDC	Uplink Quarterly 1/4	link
9/15/2024 9:52:07	Outbound	112,500.00	USDC	CWG Quarterly 2/4	link
9/15/2024 15:09:30	Outbound	150,000.00	USDC	DAO Microgrants Initiative	link
9/18/2024 4:45:18	Outbound	59,500.00	USDC	J&J Working Group Trial	link
10/1/2024 17:33:10	Outbound	138,000.00	USDC	Uplink Quarterly 2/4	link
12/20/2024 21:14:38	Outbound	112,500.00	USDC	CWG Quarterly 3/4	link
1/9/2025 11:22:52	Outbound	138,000.00	USDC	Uplink Quarterly 3/4	link
3/26/2025 18:24:00	Outbound	112,500.00	USDC	CWG Quarterly 4/4	link
3/26/2025 18:25:35	Outbound	115,500.00	USDC	CAWG Quarterly 1/4	link
4/3/2025 9:44:56	Outbound	138,000.00	USDC	Uplink Quarterly 4/4	link
4/13/2025 8:05:31	Outbound	59,000.00	USDC	DevRel Working Group Trial	link
4/13/2025 8:06:10	Outbound	69,000.00	USDC	Design&Art Working Group Trial	link
6/9/2025 8:04:02	Outbound	70,500.00	USDC	J&J Quarterly 1/4	link
6/19/2025 11:03:13	Outbound	115,500.00	USDC	CAWG Quarterly 2/4	link
6/19/2025 11:04:18	Outbound	610,000.00	JUP	Huma Finance DAO Alliance	link

With all the transactions accounted for, lets take a look at the current assets in the treasury.

Original Treasury	Asset	Current Treasury	Asset	Change	Value
100,000,000.00	Jup	103,869,516.85	Jup	3.87%	$41,410,000
10,000,000.00	USDC	8,182,643.53	USDC	-18.17%	$8,182,643
0.00	JupSOL	235.22	JupSOL	N/A	$38,306
0.00	HUMA	33,333,333	HUMA	N/A	$1,278,500

Since the inception of the DAO, we have spent 18.17% of the USDC treasury, increased our Jup holdings by 3.87% and aquired 235.22 JupSOL through JupSOL validator revenue. All in all, the DAO is in a strong position relating to funding, and I’m particularly excited to see how it develops with JupSOL now being an enshrined revenue stream for the DAO.

We have also completed the treasury swap as approved by the DAO Alliance with Huma Finance, exchanging 610,000 Jup for 33,333,333 HUMA tokens, as can be observed through the inbound and outbound transactions most recently.

Let me know if there are any inconsistencies. Hope this helps to provide some transparency on Treasury movements.

[JemS3]

@Morten

We have also completed the treasury swap as approved by the DAO Alliance with Huma Finance, exchanging 610,000 Jup for 33,333,333 HUMA tokens, as can be observed through the inbound and outbound transactions most recently.

an interesting and stunning number Thanks for sharing.. good week!

interesante resultado y perfecta ecuación - muy curioso
saludos y deseando éxitos en esta nueva semana!

[BlueZenith]

The funds in the DAO wallet are trivial to track. What’s more concerning is how funds are disbursed AFTER they leave the DAO wallet and are in the hands of the WGs. To date, not a single USDC has been accounted for by any WG. Each WG and Trial WG should be subject to an audit to ensure that the funds are being directed as they were originally intended.

Following an analysis of the wallets of each of the WGs, while some transactions are obvious in their nature many are impossible to accurately categorize. Further, funds for specific intended purposes - such as Community Incentives - seem to have been commingled with personal wallets by some WGs making it even harder to determine if funds are being used correctly.

I have tracked all inflows from the DAO (and other sources) and all outflows to various sub accounts and individual wallets for each WG and attempted to categorize each transaction based on its purpose (Team Comp, Mod Comp, Grant, etc.) Since I have no direct involvement with any WG, all of these categorizations are assumptions. Some are easy to assume based on the amounts and frequency but most are not.

I had originally intended to create a post/report for each of the WGs with the hope that each would respond with a satisfactory accounting but with the current DAO pause and likely subsequent funding of WGs by the Jupiter team for the immediate future, I expect that calls for any such transparency will be ignored. However, having already done the work, it seems a waste of time not to share.

Core Working Group (CWG)

• The CWG has a main USDC account which received the initial grant from the Jupiter team on 01/23/2024 that funded the WG through 05/02/2024. This period will be ignored.
• The annual budget for the CWG was approved by the DAO on 04/01/2024. The total approved budget was $450k which breaks down as follows:
  • $320k Team Comp
  • $30k Mod Comp
  • $100k Overflow
• The CWG received its first quarterly budget installment on 05/08/2024 so we will use this as the start of the accounting period.
• The CWG would routinely transfers funds to a sub account before distributing funds to individual addresses. There are two such sub accounts. One was in use from 05/02/2024 through 03/03/2025 at which point it seems to have been abandoned in favor of a second account in use from 03/31/2025 through the present.
• The CWG subsequently received $150k on 09/15/2024 for the MicroGrants proposal approved by the DAO on 08/27/2024 for 3-6 months or until the amount is exhausted. The first few grants were paid from the main account until 11/07/2024 at which point the remaining grant balance of $126k was transferred to a dedicated sub account. All subsequent grants have been paid from this sub account.

Here is a chart aggregating the inflows and outflows. CATEGORIZATION OF OUTFLOWS ARE ASSUMED AND IS INCOMPLETE AND NOT ENTIRELY ACCURATE (though, hopefully, directionally accurate).

Distributions of $172,246.63 are definitively UNKNOWN

In the interests of transparency and accountability, I believe we should be able to see:

• Quarterly Reports detailing the gross amounts distributed for the relevant categories (Team Comp, Grants, etc.) for the report period and for the fiscal year-to-date.
• A dedicated master list of all grant requests, approvals, and subsequent grantee dispositions posted publicly and updated accordingly for all DAO members to review at any time.

Catdet Working Group (CaWG)

• The CaWG has one USDC account which receives and sends all funds.
• The CaWG has three distinct financial periods:
  • 05/13/2024 to 10/13/2024 - Operating under the Trial Budget ($45k Team Comp and $24k Community Incentives)
  • 10/13/2024 to 03/25/2025 - Operating under grants from the CWG and Jupiter team. This period will be ignored.
  • 03/26/25 to the present - Operating under a DAO approved annual budget of $462k ($312k Team Comp and $150k Community Incentives)

During the Trial Period…

• Of the $69k total, $61,119.50 was distributed leaving an account balance of $7,880.50 on 10/13/24.
• All outflows were directed to eight wallets in total, six of which belong to team members (receiving a combined $59,619.50 which far exceeds the $45k in the original proposal).
• One of those wallets received more than twice what the next highest wallet received (possibly commingling Community Incentives?)
• It is unclear how much of the $24k in Community Incentives actually made it to the community.

So far under the Annual Budget Period which began on 03/26/25…

• $83,980 has been distributed in Team Comp (that can be assumed based on vanity addresses, wallet activity, and amounts).
• $5,000 has been distributed in Regional Initiatives (that can be safely assumed based on vanity addresses and/or known wallet owners).
• Distributions of $27,720 are definitively UNKNOWN. This amount includes Mod Comp, other Regional Initiatives, etc.

In the interests of transparency and accountability, I believe we should be able to see:

• Two sub accounts set up: one for Team Comp and the other for Community Initiatives (as per the approved Annual Budget Proposal).
• Transfers of the allotted portions of the budget sent to each of the sub accounts upon receipt of the quarterly budget installments by the CaWG from the DAO.
• A master list of Regional Initiatives (RI) posted publicly and updated accordingly, with outflows to each RI for all DAO members to review at any time.
• Quarterly Reports detailing the gross amounts distributed for Team Comp, Mod Comp, Regional Initiatives, and other relevant categories for the report period and for the fiscal year-to-date.

Uplink Working Group (UWG)

• The UWG has a main USDC account which received the initial grant from the Jupiter team on 03/15/2024 that funded the WG through 06/23/2024. This period will be ignored.
• The annual budget of $552k was approved by the DAO on 06/19/2024 which breaks down as follows:
  • $318k Team Comp
  • $146k MicroGrants
  • $52k Bounties
  • $36k Flex
• The UWG received its first quarterly budget installment on 06/26/2024 so we will use this as the start of the accounting period.
• The UWG started using a sub account on 11/14/2024 to disburse funds to some individual wallets while continuing to use the main account for others.
• Some wallets received funds from both accounts; some appear to belong to team members.
• Distributions assumed as Team Comp amount to $299,873.84 to date but are by no means entirely accurate or complete.
• Distributions of $319,991.41 are definitively UNKNOWN. It is unclear how much has been distributed in the form of microgrants or bounties.

In the interests of transparency and accountability, I believe we should be able to see:

• Sub accounts set up for Team Comp, Bounties, and MicroGrants (as per the approved Annual Budget Proposal).
• Transfers of the allotted portions of the budget sent to each of the sub accounts upon receipt of the quarterly budget installments by the UWG from the DAO.
• A master list of MicroGrant recipients posted publicly and updated accordingly for all DAO members to review at any time.
• A master list of Bounty winners posted publicly and updated accordingly for all DAO members to review at any time.
• Quarterly Reports detailing the gross amounts distributed for Team Comp, MicroGrants, Bounties, and other relevant categories for the report period and for the fiscal year-to-date.

That point of all this is not to accuse any one person or WG of financial impropriety but to highlight that we, as DAO members, have a duty to make sure that the funds are being used as they were intended.

“Trust, but verify.”

I also believe that if the measures I suggest were adopted that we would see less push back from the community when the time comes for the renewal of these annual budgets (albeit a moot point at this moment in time).

[lochie2001]

Great breakdown bro

The unknown wallets fronuplink are likely content creators who come and go on a monthly basis

I was one of them.

[Morten]

Yes, I agree wholeheartedly. I have a similar audit like this one on the same format that I will publish for the CWG. I got somewhat sidetracked due to a death in the family, but it is on its way. In the meantime, I will try to address some of your questions here.

@BlueZenith

The CWG would routinely transfers funds to a sub account before distributing funds to individual addresses. There are two such sub accounts. One was in use from 05/02/2024 through 03/03/2025 at which point it seems to have been abandoned in favor of a second account in use from 03/31/2025 through the present.

Yes, there is a specific purpose for this. Since all of our funds are on a multi-sig requiring multiple signatures, ledgers and whatnot it’s painful to distribute payroll through individual transactions. Because of this, the person running payroll and distributions use a hot wallet to distribute. Regular signatories are required to release the funds to the “distribution wallet” and they are then sent from there onto the various members of the CWG, contributors, moderators etc. The change in wallet to execute these transactions are due to a change in who runs payroll within the CWG.

@BlueZenith

The CWG subsequently received $150k on 09/15/2024 for the MicroGrants proposal approved by the DAO on 08/27/2024 for 3-6 months or until the amount is exhausted. The first few grants were paid from the main account until 11/07/2024 at which point the remaining grant balance of $126k was transferred to a dedicated sub account. All subsequent grants have been paid from this sub account.

This is absolutely true. We took temporary custody of the Microgrants budget prior to establishing a separate multi-sig for it. A few grants were approved before then, and are documented within our own audit, which is due to be released soon.

@BlueZenith

A dedicated master list of all grant requests, approvals, and subsequent grantee dispositions posted publicly and updated accordingly for all DAO members to review at any time.

As far as I’m aware, this is also on the way in a separate audit of the grants system.

@BlueZenith

Quarterly Reports detailing the gross amounts distributed for the relevant categories (Team Comp, Grants, etc.) for the report period and for the fiscal year-to-date.

I don’t know about quarterly, but surely everything should be accounted for in my opinion, at the very least on a yearly cadence. Although the cadence is up for debate I do believe it is a useful tool for accountability.

I will work to update our audit to reflect the most recent information and get it out asap. Thank you for holding us accountable, it is appreciated!

[BlueZenith]

Very sorry to hear about the death in your family. My sincerest condolences.

It’s my understanding that each WG is to publish a Quarterly Report highlighting its progress. I figured it would be appropriate, and really not much additional work, to include expenditures as a part of these reports.

Glad to hear an audits are forthcoming from the CWG. I hope we will see audits from all other WGs and Trial WGs as well. I believe it is well within the CWGs authority to mandate these as procedure for a WG to operate.

They are an unsexy and unfun but necessary part of the equation.

[Morten]

Thank you!

Were it up to me and me alone I probably would mandate it. It might still be on the table. But at the very least a strong recommendation. In our case specifically our internal accounting looks very different to these kinds of reports, so it would be a lot of additional work, but I think we could build a better accounting process that would make this whole thing much easier if I’m being honest.

Fully agreed on them being a boring, but necessary part.

[chaman]

You’re an incredible archivist, a true guiding light! I remember back during the early launchpad days, you were already putting together this kind of detailed work with precise data. This information is absolute gold for the rest of us. Please keep it up, it’s incredibly valuable!

[Onehanded]

Love to see the numbers presented in a such a clear and concise way! Agree that its always hard to make people accountable for transparency, and maybe a step too far with the source of funding changing temporarily. Would love to still see this pushed for in the long run though.

Appreciate the time and effort this must have taken. Thank-you!