Why this rating: Governance split between the Alchemix Association (legal entity) and the DAO multisig: AIP-121 (Aug 2025) set a DAO budget framework funding the Association as-needed, and AIP-122/123 executed the v3 migration (Jan 2026). On-chain governance is in development; revenue-sharing has been discussed but no hardcoded distribution route is verified. GSA-1 fail: treasury controlled by DAO multisig + Association, not a pure token-controlled contract; GSA-3 fail: revenue-sharing discussions only; no verified hardcoded contract route from protocol revenue to ALCX holders
GSA-1 fail: treasury controlled by DAO multisig + Association, not a pure token-controlled contract
GSA-3 fail: revenue-sharing discussions only; no verified hardcoded contract route from protocol revenue to ALCX holders
Two Snapshot spaces live (alchemixedopinions.eth, alchemixstakers.eth); on-chain governance development noted in AIP-121
No proposal history is available for Alchemix in the current scanner window.
Metrics
Curated metric — next quarterly update. On-chain revenue, treasury, and distribution-enforcement reads are not yet wired for this DAO's space in the Institute's state files; the quarterly re-assessment cycle will populate this block.