Verdict
Why this rating: Aragon + DAO Vault with hard weekly crvUSD fee distributions to veCRV via the Fee Distributor contract — real economic rights, but conditional on locking and historically capturable (Curve Wars / Convex). GSA-3 pass conditional on ve-model acceptance — liquid CRV holders get nothing; Severe delegate capture: Convex/vlCVX meta-governance layer documented
| Proposal | Title | Outcome | Closed |
|---|---|---|---|
| 0x0eb23ea0b8… | Proposal to add XSTUSD-3CRV to the Gauge Controller | Closed | May 6, 2022 |
| 0x43c689ef6b… | Add a new base pool implementation as an alternative to 3Pool (DAI/USDC/USDT) | Closed | April 5, 2022 |
| 0xa11d4d1800… | Proposal to Launch Curve on Celo | Closed | March 21, 2022 |
| 0x026a69e5c9… | Did you lock CRV for 4 years? | Closed | February 19, 2022 |
| 0xc22db2c066… | Launch RocketPool rETH pool to promote decentralization. | Closed | February 8, 2022 |
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 | $600.0M (gross; curated estimate) |
|---|---|
| Treasury (liquid) | $318.0M |
| Revenue (annual) | $60.0M |
| Token incentives (annual) | $45.0M |
| Net earnings (annual) | $15.0M |
| Distribution enforcement | hard |
| Distribution mechanism | hard_buy_burn |
| Burn mechanism | fee_buyback_to_veCRV (contract) |
| Revenue path | 50% of trading fees -> buy CRV -> distribute to veCRV lockers via FeeDistributor |
| Recourse | HARD — contract enforces distribution; holders have on-chain claim. |
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: S5 — Contract-Native Rights + Distribution.
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.