Why this rating: Fully on-chain governance since 30 Jul 2026 — vlCVX holders vote on-chain on Convex DAO proposals and direct Curve/Frax gauge emissions (meta-governance). Voting is real and live, but execution of Convex's own treasury actions remains team-multisig-gated and voter concentration is the sector's worst (top voter ~83%). Governance moved fully on-chain 30 Jul 2026 (vlCVX votes on Convex DAO proposals + external gauge votes); execution of Convex's own treasury actions not verified as on-chain (team multisig); GSA-7 fail: vlCVX ve-lock exists but worst-in-class concentration — top voter ~83% of voting power (July 2026 in-house research); 0 proposals in last 14 days at as-of
Governance moved fully on-chain 30 Jul 2026 (vlCVX votes on Convex DAO proposals + external gauge votes); execution of Convex's own treasury actions not verified as on-chain (team multisig)
GSA-7 fail: vlCVX ve-lock exists but worst-in-class concentration — top voter ~83% of voting power (July 2026 in-house research); 0 proposals in last 14 days at as-of
GSA-3 fail: Convex revenue flows to cvxCRV stakers (liquid-staked CRV), not CVX holders; vlCVX bribe income via third parties (Votium)
No proposal history is available for Convex 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.
Supersedes July 2026 in-house research: Convex moved governance fully on-chain 30 Jul 2026 (vlCVX votes on Convex DAO proposals + external gauge votes). GSA cells unchanged from conservative reading — execution of Convex's own treasury actions still team-multisig-gated.