Monthly Recap: August 2025

TL;DR: The Quick Overview

Happy month, happy ATH. ETH hit an all-time high, even if only briefly, and Reform was ready. With 60% treasury allocation in ETH, the Core Contributors took profits towards the top, locking in gains for the DAO. ETH, SOL, and TAO remain in the portfolio with smaller allocations. The strategy now follows ETF, DAT, and buyback flows, rotating into strong alts with real narratives and capital behind them.
While the overall market is heavily diluted, the Reform strategy has shifted to focus only on clear winners, high-conviction tokens with strong fundamentals, backed by real flows. The team remains bullish on ETH and altcoins, but is now more selective, prioritizing higher caps to avoid heavy drawdowns.
August was quiet across the board with many traders and devs on holiday, but we still closed 2 new retainer deals, onboarded a new marketing manager, and shipped a LuigiBot UI update to make trading even easier. The new content strategy is coming together, and Reform is stepping fully into its role as the boutique market maker that cares about long-term success.
Meanwhile, the rest of the team kept building, with 3 major updates lined up for the final stretch of the year. The BD team continued doing what they do best: attending events, meeting builders, and connecting the ecosystem with the best MM in the space — Reform.
Big energy going into September. You’ll want to be around for what’s next.

General Trading Activity

August may have been holiday season for many, but the market had other plans. Fueled by ETF and DAT volume, ETH broke through the $4K level and pushed into new all-time highs, with liquidity draining from alts and BTC dominance dropping sharply.
As ETH climbed, the DAO Treasury strategically scaled down exposure, reducing risk the higher we go. The portfolio shifted from 60% ETH-heavy to a more balanced 40% risk-on, with SOL now being the largest position. The team continues to lean into a hold-first strategy over algorithmic trading, minimizing unnecessary churn in an up-only market.
The trading engine was upgraded and heavily downscaled, prioritizing stability over volume. This means the numbers won’t look flashy, but in a strong ETH uptrend, holding outperformed trading. The DAO executed 1.4M trades with $13M in volume, and earned $326 in rebates and $1,442 in realized profits.
Operating costs came in around $150K, slightly down from July. While revenue from trading is no longer a focus, market making deals are picking up. Even with reduced active income, the DAO Treasury held steady in value after covering costs, a sign the current strategy is working.
The goal remains: keep using treasury reserves to operate until we reach net neutral through market making revenue, after which active liquidity provision will scale back up. Full Q3 revenue from retainers and loans will be included in the upcoming quarterly report.

Ecosystem Progress

August was a quiet month, even more so than July, but behind the scenes, we’ve been building. Some things have already been shared, and three major announcements are lined up for the final stretch of the year. These will push revenue growth into overdrive and bring us closer to net neutral operations.
We confirmed two new projects under the retainer model, bringing our total to 10 active clients. Both will be announced soon via our usual co-marketing flow. While August slowed down due to the last wave of summer holidays, the deal pipeline remains strong thanks to the events and outreach of previous months. Momentum is expected to pick up fast heading into Q4.
On the team side, we’ve brought in a new marketing specialist to take over Reform DAO’s copy and content strategy. Expect a new voice on Twitter and sharper content that reflects who we really are: a boutique market maker that cares about the long-term success of every project we support. Upcoming content will speak directly to both token holders and founders, reinforcing why Reform is the go-to MM.
We also shipped a small but powerful LuigiBot update, improving ease of use for grids and other features. Alongside that, we rewrote the GitBook to be simpler, shorter, and easier to navigate, with short-form videos coming soon so users can learn however they prefer.
As mentioned earlier: while August was quiet externally, September is set to kick things off. First of several big announcements coming soon, and we’re just getting started.

What’s Next

A wave of updates is coming in August:

• New market making partnerships are being confirmed, we’re growing the Reform ecosystem month by month.
• The team will be attending multiple events to connect with more projects and expand the deal pipeline.
• The long-awaited Reform brand revamp is nearly here, delayed slightly (on purpose) to make sure it lands perfectly.

It’s almost time. The biggest structural update we’ve ever dropped. So transparent…

You’ll see it on-chain before we even tell you. Audited. Verified. Certified by major third parties.

Stay tuned.