{
  "schema_version": "1.5",
  "dao": "Morpho",
  "token": "MORPHO",
  "slug": "morpho",
  "snapshot_space": "morpho.eth",
  "structure_label": "S2",
  "as_of": "2026-10-01",
  "first_scored": "2026-07-23",
  "determinations": {
    "GSA1": "fail",
    "GSA2": "fail",
    "GSA3": "near-miss",
    "GSA4": "fail",
    "GSA5": "near-miss",
    "GSA6": "fail",
    "GSA7": "fail",
    "GSA8": "fail"
  },
  "tier": "Tier 3",
  "tier_name": "Decorative Rights — off-chain signaling, multisig-gated execution",
  "key_finding": "Immutable-core + curated-periphery (S2) structure — Snapshot-only voting, Guardian multisig-gated, no economic rights; the curator layer captures economics above the token.",
  "flags": [
    "S2 structure: value accrues to the curator spread above MORPHO, not to the token",
    "MORPHO non-transferable until late 2024 (transferability gate in control-cost models)"
  ],
  "exercisability": {
    "control_cost_usd": 36425663,
    "control_cost_pct_mcap": 0.0208,
    "control_path": "purchase",
    "control_stack": "snapshot_offchain",
    "capture_feasibility": 46,
    "hard_flow_ratio": 0.003,
    "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/morpho.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": []
  }
}