{
  "schema_version": "1.5",
  "dao": "Arbitrum",
  "token": "ARB",
  "slug": "arbitrum",
  "snapshot_space": "arbitrumfoundation.eth",
  "structure_label": "S1",
  "as_of": "2026-10-01",
  "first_scored": "2026-07-23",
  "determinations": {
    "GSA1": "pass",
    "GSA2": "near-miss",
    "GSA3": "fail",
    "GSA4": "fail",
    "GSA5": "near-miss",
    "GSA6": "fail",
    "GSA7": "fail",
    "GSA8": "fail"
  },
  "tier": "Tier 2",
  "tier_name": "Procedural Rights — on-chain governance, no economic rights",
  "key_finding": "Governor+Timelock, elected Security Council and the most developed treasury-policy framework (STEP) and disclosure cadence (monthly Token Flow Reports) — highest-probability first-passer of GSA-4 and GSA-5.",
  "flags": [
    "GSA-2 near-miss: council removal process needs on-chain enforceability verification",
    "GSA-4 near-miss: STEP is policy enacted by vote, not a contract-enforced covenant",
    "40% self-delegation / severe delegate concentration (Lobby Finance top delegate)"
  ],
  "exercisability": {
    "control_cost_usd": 152103650,
    "control_cost_pct_mcap": 0.1097,
    "control_path": "purchase",
    "control_stack": "snapshot_offchain",
    "capture_feasibility": 15,
    "hard_flow_ratio": 0.0,
    "exit_premium": null
  },
  "anti_capture_flag": "none",
  "methodology": {
    "name": "Probity Institute GSA Methodology",
    "version": "0.1-frozen",
    "license": "CC-BY-4.0",
    "note": "A GSA score is a verified statement that specific governance rights are enforced by a specific smart contract at a specific block. Not a security rating, not investment advice, not a statement about team quality."
  },
  "source_dataset": {
    "file": "rights30.json",
    "sha256": "cdc9d1ac2afdb5126a10e541fdafb5eb5f5e6ef13719894a4d3b131297b6c433"
  },
  "links": {
    "token_page": "/tokens/arbitrum.html",
    "matrix": "/rights30.html"
  },
  "freshness": {
    "as_of": "2026-10-01",
    "days_since_as_of": 28,
    "cycle": "quarterly",
    "next_review_due": "2027-01-01",
    "days_to_next_review": 64,
    "cycle_state": "current",
    "event_watch": false,
    "post_as_of_events": 0,
    "pre_as_of_events": 0,
    "max_event_impact": null,
    "events": []
  }
}