Every treasury holding, live on-chain, grouped by strategy. The question: how much of the backing is the protocol lending to itself vs real external reserves?
On-chain holdings · 2026-08-18 · $183.05M
The split
71.6% Reflexive · $131.14M
19.9% External reserves · $36.42M
8.0% Owned liquidity · $14.64M
0.5% Volatile · $848.4K
72% reflexive
USDS/DAI lent to OHM holders via Cooler, collateralised by gOHM
20% external
Ethena, Sky and idle stables: real assets, not OHM
So… is it just a loop?
Mostly, on the big piece: ~2/3 of the backing is USDS lent to OHM holders via Cooler, collateralised by OHM itself (reflexive). But it's not a Ponzi: loans are over-collateralised and non-recourse, so a default just burns gOHM and backing-per-OHM holds. And ~1/5 is real external yield (Ethena, Sky) that governance keeps growing.
Strategy
Cooler V2 lending → gOHM holders
Reflexive68.9%$126,173,631
USDS lent to OHM holders at ~0.5%, non-recourse. Its value is your exit floor. Collateral is OHM → reflexive.
USDS
Ethena (sUSDe / USDe)
External reserves16.7%$30,603,142
Staked USDe earning Ethena's funding yield. Real external asset (OIP-188).
SUSDE
Protocol-owned liquidity
Owned liquidity8.0%$14,640,315
LP positions (OHM-sUSDS, WETH-OHM). Earn fees; half is OHM.
UniswapV3 OHM-sUSDS · UniswapV3 OHM-WETH +1 more
Sky savings (sUSDS)
External reserves3.2%$5,803,391
USDS in the Sky Savings Rate. Real external reserve.
SUSDS
Cooler V1 (legacy)
Reflexive2.7%$4,964,337
Old DAI lending, winding down. Same reflexive shape.
DAI · DAI +1 more
0.5%$848,377
ETH, BERA, FXS… small non-stable tail.
BERA · WEETH +15 more
Idle stables
External reserves0.0%$16,294
USDC/USDT/DAI held directly. External, unencumbered.
USDC · USDT +2 more
Plans to change the allocation
Governance keeps rotating idle reserves into external yield (Ethena, Aave, Morpho), with Cooler as the core. Proposals that move it:
No open allocation votes right now.
Recent allocation decisions
OIP-194A: Cooler Drip Acceleration Cadence10 Apr 2026View → OIP-195: Aave Liquid Leverage Campaign - USDe Yield Enhancement1 Apr 2026View → OIP-194: CD Capacity Increase, YRF Redeployment & Cooler Drip Acceleration1 Apr 2026View → OIP-193: 2026 Funding Proposal4 Mar 2026View → OIP-192 - Berachain Vesting9 Feb 2026View → OIP-191: Disable OHM v1 Migration Pathway24 Dec 2025View → OIP-190: Diversified Stable Reserve Deployment to Enhance Treasury Yield12 Nov 2025View → OIP-189: Olympus Strategic Deposits into Peapods Finance9 Oct 2025View →