Verdict
Why this rating: 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. 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
| Proposal | Title | Outcome | Closed |
|---|---|---|---|
| 0x472fb3b40d… | Banning projects identified in the high-severity Watchdog Program cases - Good Entry | Passed | September 17, 2026 |
| 0x57e83d4df2… | Banning projects identified in the high-severity Watchdog Program cases - Limitless | Passed | September 17, 2026 |
| 0xddcea6a783… | Banning projects identified in the high-severity Watchdog Program cases - APX Finance | Passed | September 17, 2026 |
| 0x666a31ac23… | Arbitrum Security Program | Closed | August 27, 2026 |
| 0xe9373b2226… | [Constitutional] AIP: Ratification of Security Council Election Process Improvements | Passed | July 23, 2026 |
History from the Institute scanner and the 2026-08-31 recheck pulls (Snapshot Hub GraphQL / OpenSquare). Outcomes marked from recheck determinations where the proposal is named; otherwise the recorded state is shown.
| Treasury | $4.30B (gross; curated estimate) |
|---|---|
| Treasury (liquid) | $2.69B |
| Revenue (annual) | $12.0M |
| Token incentives (annual) | $60.0M |
| Net earnings (annual) | -$48.0M |
| Distribution enforcement | none |
| Distribution mechanism | none_to_token |
| Revenue path | Sequencer fees -> foundation (no ARB distribution) |
| Recourse | NONE — no mechanism; holders have no recourse. |
Model and audit state reads as of 2026-10-06 (Institute governance model / distribution audit state files). Not a Token Terminal license; curated figures update quarterly.
Structure: S1 — Token-Governed Protocol.
S1-S5 protocol business structure taxonomy, as-of 2026-08-27 (structure taxonomy date); scores as-of 2026-10-01 (first scored 2026-07-23; quarterly recheck #2, cycle 2026-08-31 -> 2026-10-01)
2026-08-31 recheck verdict: UNCHANGED.