Why this rating: Council elected annually via Snapshot vote (BIP 108a) executes through a multisig; BIP-109 (Jul 2026) passed 110,181 For / 0 Against (5 voters, 100K quorum) to create a Marshall Islands legal entity. Treasury rebuilt after the 2021 hack; no wind-down vote, but the DAO is in decline (OKX delisted BADGER perps Jul 2025; Coinbase moving BADGER to limit-only Sep 2026). GSA-1 fail: treasury controlled by elected council + multisig, not a token-controlled contract; GSA-2 near-miss: council is re-elected annually by token vote (holders can replace it), but execution remains multisig-gated
GSA-1 fail: treasury controlled by elected council + multisig, not a token-controlled contract
GSA-2 near-miss: council is re-elected annually by token vote (holders can replace it), but execution remains multisig-gated
BIP-109 turnout was 5 voters — extreme participation collapse; watch for S4 wind-down/conversion signals
GSA-3 fail: no revenue distribution to BADGER holders
No proposal history is available for Badger DAO 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.
S4 transitions explained: Where a determination record references an S4 structure or flag (S4-pending, S4 exit, structure-s4-consummated), the token-to-share transition states and their treatment are described in the public explanatory note: /docs/s4-transitions.md.
Assessment flags
GSA-1 fail: treasury controlled by elected council + multisig, not a token-controlled contract
GSA-2 near-miss: council is re-elected annually by token vote (holders can replace it), but execution remains multisig-gated
BIP-109 turnout was 5 voters — extreme participation collapse; watch for S4 wind-down/conversion signals
GSA-3 fail: no revenue distribution to BADGER holders