This proposal seeks to formalize a Service Provider Agreement between Trevee (formerly Rings) and Veda, outlining the scope of services, performance expectations, and compensation structure.
Veda has been instrumental in building core Trevee infrastructure, including the Strategist Terminal, as well as the core smart contracts hosting deposits, called the Boring Vault. This agreement ensures long-term maintenance and scaling support as the ecosystem grows.
Veda Scope of Services
Integrate additional blockchains or protocols on request (within reason), and cover the cost of smart contract audits.
Operate and maintain performance APIs, including but not limited to:
Vault strategy returns API
Position lifecycle status
Withdraw processing tracker
Maintain the Strategist Terminal:
Implement bug fixes and feature upgrades
Provide onboarding support for curators and strategists
Provide progress updates on a biweekly basis and notify Trevee contributors of any expected delays
Troubleshoot technical issues, including:
API downtime
Strategy mispricing
Withdrawal queue failures or lags
Note: SLAs around withdrawal queue reliability will be established, with flexibility to revise as soon as Trevee supports internal processing.
Responsibilities of Trevee
Trevee will:
Provide Veda with timely notice of upcoming feature needs or feedback.
Promptly review and respond to deliverables and milestone submissions.
Pay invoices in accordance with the terms below.
Fee Structure
In consideration for relinquishing its existing 10% harvesting fee, Veda will be compensated as follows:
Trevee Token Supply: 6% of the TREVEE supply, allocated to Veda with a 2-year vesting, with 10% available at TGE.
Service Provider Fee: Scaled by TVL managed by Trevee protocols, per the table below:
Incremental TVL
Basis Point Fee
Cumulative Fee
$0–100M
5bps
$50,000
$100–500M
4bps
$210,000
$500M+
3bps
$360,000
Veda will invoice monthly; Trevee will remit payment within 30 days of invoice receipt.
Overdue payments will incur 1% monthly interest.
Rationale
This agreement ensures:
Long-term support and evolution of Trevee’s critical front- and back-end systems.
A transparent and scalable compensation model that aligns incentives.
Fair and equitable inclusion of ecosystem forks in shared infrastructure costs.
A path to SLA-backed performance improvements across withdrawals and API reliability.
Next Steps
If approved:
Trevee and Veda will sign the finalized Service Provider Agreement within 7 days.
Token allocation and vesting schedules will be codified in a smart contract.
First monthly invoice and milestone reporting will begin in the following cycle.
Vote
For — Approve the Veda Service Provider Agreement
Against — Do not engage Veda as a service provider
I couldn’t be happier to see this proposal go live! Working with the Veda team has been a privilege and we need their expertise to make Rings / Trevee Earn the defining savings app on-chain.
As with Tholgar, Veda has been a key reason of Rings’ success. To give a bit more context on this proposal and the Tholgar grant it is important for DAO members that this is a way for us to expand our expertise, and workforce while decentralising. The other option would be to create large entity like Uniswap Labs, which creates a different set of problems.
You will notice that this grant is the largest we’ve ever given. This is because Veda is relinquishing their right to harvest fees, currently amounting to 10% of every weekly harvest. This has represented close to 200,000$ since launch and approximately 500,000$ yearly at current rate. This is set to significantly increase once we go multi chain. Acquiring this revenue flow now will enable Paladin / Trevee to increase our revenue by a large margin.
I am in full favour of seeing this happen, and highly recommend our delegates and community members to consider how Rings would fare with them.
Can you share more data from the revenues generated by Rings ? Like historical evolution, fees per USD/ETH, expected evolutions of TVL, …
Is is not explicitly said, but I assume the invoice will be tvl * bps fee / 12, right ?
Also when is the TVL calculated ? on the last day of each month ?
As discussed in PGM-66 10% liquid at TGE while every other holder is locked or slashed, unfair for long term holders and is a major threat to the token price action. Can you share what you’re planning on doing with the allocated tokens ?
There also multiple mentions of bringing Rings un other chains, is there already new chains targeted ? If so which ones ?
As this is the largest grant ever asked to the DAO I want to be sure we have all the informations to take this decision and that no point is left to interpretation.
The evolution of fees distributed can be tracked on DeFiLlama.
You can see two harvests weekly, on Wednesday it’s the collateral, on Thursday it’s the stakes.
Since March 3rd 2025
In total Veda has collected around: 105,000$ in fees
Through Quest, Trevee has collected: 22,000$ in fees
Through its gauge Paladin has collected: 59,724$ and 16.34ETH
All of it, these are the fees that were sent to Rings. It was then entirely distributed to veUSD / veETH contracts. The Veda fees are collected before being deposited in the distributor.
It will be a monthly average
Veda has stated they will stake, so it won’t be liquid day one, it will be staked for the first 3 months
It’s the opposite, their fees are 10x lower, and in exchange they would get tokens. Basically we’re offering to buy their fees out in exchange of tokens.
Revenue will increase, but my primary concern is that Veda could immediately sell the 0.6% of TREVEE tokens that will be unlocked at TGE. This can put significant downward pressure on the price. In past cases, we’ve seen substantial price drops following TGE when faced with this level of token float. Having a one-year cliff for all tokens would better align incentives, imo!
(Written from the perspective of both a PAL token holder and Veda seed investor)
The tokens will be distributed as staked, and the unstake function will only be active once vesting for all migrators end. So, no, Veda will not have a special access to liquidity