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 |
|---|---|---|---|
| 0x666a31ac23… | Arbitrum Security Program | Closed | August 27, 2026 |
| 0xe9373b2226… | [Constitutional] AIP: Ratification of Security Council Election Process Improvements | Closed | July 23, 2026 |
| 0xf2ca6637ad… | OAT Elections | Closed | July 16, 2026 |
| 0xe98ec21fc4… | Fast Feed: Constitutional AIP | Closed | July 9, 2026 |
| 0x05dcd430c8… | AGV Wind-Down: Structured Transition & Return of Capital to the DAO Treasury | Closed | July 2, 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 2026-08-31 (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 2026-08-31 (first scored 2026-07-23)
2026-08-31 recheck verdict: UNCHANGED.