{
  "schema_version": "1.5",
  "dao": "Hyperliquid",
  "token": "HYPE",
  "slug": "hyperliquid",
  "snapshot_space": "on-chain: Hyper Foundation validator vote (no Snapshot hub space)",
  "structure_label": "S3",
  "as_of": "2026-10-01",
  "first_scored": "2026-09-01",
  "determinations": {
    "GSA1": "fail",
    "GSA2": "fail",
    "GSA3": "pass",
    "GSA4": "fail",
    "GSA5": "fail",
    "GSA6": "fail",
    "GSA7": "fail",
    "GSA8": "fail"
  },
  "tier": "Tier 3",
  "tier_name": "Decorative Rights — off-chain signaling, multisig-gated execution",
  "key_finding": "The Assistance Fund is a real, large, automated buyback (~97-99% of fees auto-buy HYPE; ~$2B cumulative by May 2026; AQAv2 adds USDC-yield-funded buybacks from Aug/Oct 2026) — but it is validator/foundation policy, not a token-holder-enforceable right. HYPE holders have no governance or recall authority: protocol decisions (fee allocation, $1B HYPE burn) are made by the validator set + Hyper Foundation, not by token vote.",
  "flags": [
    "GSA-3 pass is a mechanism pass, not a rights pass: the buyback is code-enforced (Assistance Fund contract) but validator-revocable — 'policy, not bedrock' (Dec 2025 validator vote raised allocation to 99%; AQAv2 passed 19/26 validators at 69.08%). distribution_enforcement=hard, rev_enforce~0.7 per prior project research",
    "GSA-1/GSA-2 fail: no token-level governance — validator set (26 validators) + Hyper Foundation control treasury and operators; HYPE staking secures HyperBFT consensus, it does not confer treasury or recall rights",
    "Tier 3 placement is conservative: HYPE has a hard economic mechanism but ZERO procedural rights (no token vote at all), so it fits neither Tier 1 (needs both) nor Tier 2 (needs procedural) — decorative bucket with a strong economic-policy flag",
    "Hyper Foundation proposed a validator vote to formally recognize ~$1B HYPE in the Assistance Fund as burned (2026) — supply reduction via validator fiat, not token-holder action"
  ],
  "exercisability": {
    "control_cost_usd": null,
    "control_cost_pct_mcap": null,
    "control_path": null,
    "control_stack": "validator_set",
    "capture_feasibility": 50,
    "hard_flow_ratio": 0.176,
    "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/hyperliquid.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": []
  }
}