GIP-143: Should the GnosisDAO Terminate karpatkey Treasury Management Services?

Governance GIPs
62

kpk Handover and Transition process

As GIP 143 has passed, kpk will conclude its mandate with GnosisDAO. Since the beginning of this week, we have been executing the full 14-day handover defined in the proposal and working directly with the Gnosis Core team to ensure a stable and complete transition. Below is the full list of all operational, technical and organisational steps being executed across Mainnet, Gnosis Chain and L2s, including partner integrations and off-chain systems.

1. Liquidity and Onchain Operations

1.1 Maintain broad Uniswap liquidity ranges on Gnosis Chain

kpk maintained multiple Uniswap V3 positions to accommodate high-efficiency trading for wstETH, sDAI and GNO. As part of the support provided to Gnosis Pay, we also managed FX pools for EURe, USDCe, ZHFC, BRZ and BRLA.

The current liquidity is delivered as is, with no further work from kpk required. This avoids spikes in slippage or liquidity gaps during the transition.

1.2 Keep current lending market liquidity allocation unchanged

We will not alter Aave nor Spark positions on Gnosis Chain. Allocations remain stable to avoid disruptions.

Asset AAVE Spark
USDC.e 7,132,797.6259 337,728.3432
USDT 0 352,222.9022
WXDAI 1,446,206.2289 3,459,755.4685
EURe 0 171,504.8077
GHO 504,316.2910 0
WETH 1,176.7281 283.1257
wstETH 670.2198 0
GNO 15,058.4673 0

1.3 Unwind all Mainnet positions

All Mainnet deployments are being closed in a controlled manner. Private deal positions will be settled or returned based on their specific terms.

Withdrawals from kpk Morpho and Gearbox vaults have been executed:

* kpk USDC Morpho Vault: https://etherscan.io/tx/0xd75729f6b0943a614146a08f97c35907d74a7c346a508bb868d3e33ef26b675c

https://etherscan.io/tx/0x2e030eb28cc6dede437bf23061cc2f986ea0156c742d1e73353ee5089c8518e6

* kpk WETH Morpho Vault:

https://etherscan.io/tx/0xaf1915b7526ec33ab74fef47719687fc0e427547e1556a8594bf549565619707

* kpk Gearbox Vault:

https://etherscan.io/tx/0x442757678d1d1065f218391e6e235d56b1b88ee2d89003602472916c3374597b

2. Infrastructure and Automation Shutdown

2.1 Deactivate automation agents

All automation agents operating on behalf of GnosisDAO will be deactivated. Their descriptions are provided below for clarity.

  • Bridge Keeper: Monitored the bridge’s USDS balance (previously the DAI balance), depositing or withdrawing to sUSDS (sDAI) as needed, and transferring accrued interest at the end of each epoch to the Gnosis Chain Bridge Interest Receiver Contract for the sexyDAI interest. This ensured sUSDS (sDAI) interest was continuously bridged to sexyDAI holders.
  • Aura Harvester: Claim unclaimed Aura rewards weekly on behalf of the GnosisDAO portfolio safe using non-custodial infrastructure.
  • Aura Relocker: Continuously monitored the DAO’s locked AURA and automatically relocked positions that became unlocked, as well as locking any new AURA held, ensuring consistent governance power and compounding.
  • Curve Incentives Distributor: Transfer weekly wstETH incentives (~1.2 wstETH) to the Curve EURe/USD pool via allowance-guarded transactions that enforced a weekly upper bound, ensuring controlled incentive distribution.
  • EURe Rebalancer: Monitored the Curve EURe/USD pool to track deviations between the pool’s spot price and the EUR market price, executing rebalancing trades to maintain stability in the pool and support healthy pricing for users.
  • Gnosis Pay Cashback Calculation: Calculated the cashback allocation for each Gnosis Pay User using a mix of off chain price review (EURe/GBPe/USDCe/GNO prices) and the Gnosis Pay volume for a given week, to then distribute to users. All managed through a non-custodial infra.

2.2 Performance dashboards will be discontinued

This includes dashboards, web reports, and all reporting backends displaying real-time and historical insights into Gnosis DAO’s treasury across chains, assets, protocols, wallets, and transaction flows.

2.3 Disable all monitoring and alerting systems

All Hypernative and Cyvers monitors and watchlists will be shut down, including:

  • Active allocations alerts
  • Balancer exploit monitoring
  • ETH LST market price deviation
  • ETH staking/unstaking queue
  • GNO transfer alerts
  • Tracked Safes threshold change and signers
  • AAVE utilisation alerts
  • USDC.e transmuter activity
  • Ad-hoc Slack alert channels used by kpk across the mandate

3. Permissions and Access

3.1 Remove all kpk signers

We will coordinate with Gnosis Core team to remove or replace all signer permissions on Safes used during the mandate.

The following kpk signers will be offboarded:

  • 0xE3cCcb6D91da472E5AEcC04E7bf31A2eEAcE20C3
  • 0x48A9d0953c8959AEb19bA55f5C04B0A54c84823C
  • 0xa3a3456BC0c8ce4e0a0415B619803ee96509Ce30

3.2 Disable Roles Modifier permissions

Roles Modifier access will be removed across all relevant treasury and operational Safes under:

  • GnosisDAO
  • Gnosis Foundation
  • Gnosis Ops Foundation
  • Gnosis Ltd

4. Organisational Offboarding

4.1 Offboard from all four Gnosis-related entities

We will complete offboarding procedures across:

  • GnosisDAO
  • Gnosis Foundation
  • Gnosis Ops Foundation
  • Gnosis Ltd

The email gnosisdao@karpatkey.com used for KYC/KYB interactions with the Foundation and Ops Foundation, will be removed from all related accounts.

4.2 Handover the Spanish-speaking Gnosis community

Contracts and support structures for this community will be closed, and the Telegram community will be handed over to the Gnosis team.

4.3 Notify CEX partners

Ripio, Lemon and Buenbit will be informed that kpk will no longer provide liquidity or technical support for Gnosis Chain integrations.

5. Ecosystem and Partner Integrations

5.1 Discontinue Gnosis Chain Bridge validator duties

Validator participation will be handed off or closed in coordination with core contributors.

5.2 Deactivate BD, liquidity and incentive pipelines

Any active programmes in these areas will be closed.

5.3 Revoke delegations to kpk from GnosisDAO

The following GnosisDAO delegations to kpk will be revoked:

  • Balancer [veBAL]: 166.5k
  • Lido [LDO]: 100k
  • Aura [vlAura]: 3.76m
  • Shutter [SHU]: 6m

6. Closing Remarks

We’ll post a final message in this thread on 5 December with a detailed summary of the entire handover process and the final operational status, after which we’ll consider the process completed.

Despite our agreement having officially terminated upon the execution of the Snapshot (as defined in this proposal), and with that termination waiving any potential liability arising from events occurring after 24 November 2025, 00:00 UTC, our goal is still to deliver a complete and professional handover. We want to make sure every operational component is fully covered.

Thank you to all Gnosis teams and community members we have worked with over the past five years.

6 Likes
63

Thanks for the post.

I would just like to take the opportunity to inform the community that the Gnosis Transition team is working around the clock to ensure a smooth transition, so any infrastructure or agents previously ran by kpk that are outlined above are being actively replaced with full expectation of them being operational by the 5th of Dec. We will also be posting a transition report at the end of the 14-day period.

Thanks to @Karpatkey who have been cooperative thus far throughout the process.

13 Likes
64

News first: @dave joined the Gnosis Ltd team last week to handle the transition and steward us into this future. He led the team at kpk until a year ago and is executing everything with remarkable swiftness and efficiency.

@kpk, can you please replace your two signers with these two

  • 0x5ffdab6a4907e9e65b342d9b2929960b0989a246
  • 0xbaB04858C4eBBb226DD12B38639e59450820536F

Community, we will revert with a full report and plans for the future after the handover next week – not dropping any balls was the main concern so far.

EDIT: I just changed the second address after confirming the signers hadn’t been switched yet for operative reasons.

18 Likes
[RFC] Gnosis Treasury Council, Buckets, and Prediction Labs
Exploring a Structured Path Forward for Gnosis Treasury Management
65

Final Handover Update

The 14-day transition period defined by GIP 143 is now complete. All operational, technical, and organisational responsibilities under the mandate have been either executed, handed over, or deactivated as outlined in the previous update.

1. Liquidity and Onchain Operations

All positions have been delivered in their current form, and no additional work from kpk is pending.

Liquidity ranges for GNO, wstETH and sDAI were left wide to avoid slippage or liquidity gaps.

All Aave and Spark allocations remain unchanged since the vote passed. These positions remained unchanged as required to avoid disruptions during the transition.

All Mainnet treasury positions have been fully closed. Private deals have been unwound or returned in accordance with their specific terms.

Active Locks and Unstaking Processes

Address 039d ETH IA- Link

veBAL lock is reduced daily, resulting in lower voting power on gauges. 100% lock expiration is on 20/08/2026

The allocation continues to generate Balancer protocol revenue that should be claimed here

Aura Finance has locked AURA with a lock that expires on 02/04/2026

OLAS on Autonolas was locked until 01/01/2026

Address 3d68 ETH LM - Link

Stader - Unstaking was initiated directly through contacting the counterparty; the handover team is in the loop (ETHx LST & Enzyme Hyperloop)

Ether.fi weETH unstaking was initiated, approximately 14 days total left (available for claim on 20/12/2025)

Address 8548 ETH LP - Link

Stader, Unstaking was initiated directly through contacting the counterparty; the handover team is in the loop

OETH unstaking was initiated, approximately 25 days total left (available for claim on 01/01/2026)

Stakewise

  • Stakeway vault unstaking was initiated, approximately 27 days total left (available for full amount claim on 01/01/2026)
  • Serenita vault unstaking was initiated, approximately 8 days total left (available for full amount claim on 15/12/2025)
  • Genesis vault unstaking was initiated, approximately 19 days total left (available for full amount claim on 01/01/2026)
  • Nodeset vault unstaking was initiated, approximately 18 days total left (available for full amount claim on 01/01/2026)

AAVE Umbrella

WETH vault unstaking was initiated, 10 days total left (available for claim 15-17/12/2025 )

Withdrawals from the kpk Morpho and Gearbox vaults were completed and confirmed onchain.

2. Infrastructure and Automation Shutdown

All automation agents acting on behalf of the DAO have been deactivated, including the Bridge Keeper, Aura Harvester and Relocker, Curve Incentives Distributor, EURe Rebalancer, and Gnosis Pay Cashback Calculation.

kpk no longer operates or monitors any GnosisDAO assets, contracts, or flows.

All dashboards, indexers, and reporting pipelines have been shut down. Hypernative, Cyvers, and internal monitors have been removed.

3. Permissions and Access

The following kpk signers have been removed from all relevant Safes and replaced with the signers listed below:

  • 0xE3cCcb6D91da472E5AEcC04E7bf31A2eEAcE20C3
  • 0x48A9d0953c8959AEb19bA55f5C04B0A54c84823C
  • 0xa3a3456BC0c8ce4e0a0415B619803ee96509Ce30

Replaced with:

  • 0x5ffdab6a4907e9e65b342d9b2929960b0989a246
  • 0xbaB04858C4eBBb226DD12B38639e59450820536F

As stated on GIP-143: Should the GnosisDAO Terminate karpatkey Treasury Management Services? - #64 by ernst

There is one remaining administrative item to flag.

The Ops Foundation handover requires several internal steps on gnosis and will take additional time. As a result, the email address gnosisdao@karpatkey.com remains listed as the owner of a small number of operational accounts. These accounts cannot be reassigned until the Gnosis team completes its internal restructuring.

This has no impact on any onchain permissions. Once the Ops Foundation completes its internal process, the accounts will be reassigned.

4. Organisational Offboarding

kpk has been fully offboarded from all four Gnosis entities. Shared email accounts used for operational coordination, compliance, and KYC have been removed from all systems, except for the one item noted above.

The Spanish-speaking Gnosis community has been handed over to Gnosis.

Ripio, Lemon, and Buenbit have been informed that kpk will no longer provide support or liquidity services for Gnosis Chain integrations, and all communication and escalation channels have been closed.

5. Ecosystem and Partner Integrations

Validator participation has ended in coordination with Gnosis LTD contributors.

The following delegations from GnosisDAO to kpk have been revoked:
• Balancer (veBAL): 166.5K
• Lido (LDO): 100K
• Aura (vlAURA): 3.76M
• Shutter (SHU): 6M

All delegations have been reassigned to: 0xE3e3AA196a5917165F2B218CB7F1892f897b5B4f.

6. Closing Remarks

The handover process defined by GIP 143 is now complete. kpk thanks all Gnosis contributors and community members we have worked with over the past five years.

With this handover, the agreed transition period and activities to be carried out during such period have been completed.

6 Likes
66

Hey, Danko from Balancer here.

A quick search impersonating this wallet shows the current position is actually 193k veBAL (worth ~$3.27 per veBAL today). However given the power decays every day and it hasn’t been re-locked since August, the delta is roughly ~$268k (275k veBAL at full 1-year power). This represents a significant drop in BAL emissions (1,5% = 1300 $BAL per week), which have been used to incentivize a diverse set of pools/gauges on Gnosis chain.

We would encourage the DAO to closely monitor this position, and our team put together a dashboard for ease of reference: https://dune.com/balancer/vebal-analysis?Provider_t9371a=0x849d52316331967b6ff1198e5e32a0eb168d039d

5 Likes
67

So I discovered during the Aave-CoWswap controversy that Stefan George and Aave’s Stani Kulechov are both investors in Karpatkey. In addition Karpatkey got Aave’s treasury management contract without Stan disclosing his ownership. Seems mighty coincidental that Karpatkey is using Aave.

linked

68

Hello Gnosis DAO.

A quick heads-up from me: Until Dec 6, kpk handed over all operations to Gnosis Ltd. This is very much an interim solution. We’re in the process of simplifying operations and defining what services should be provided by an external service provider. We will share a concise list early in the new year and will start a Request for Proposals for the treasury mandate then.

7 Likes
69

Update: RFP is here Request for Proposals: Treasury Management Services for Gnosis DAO.

1 Like