Why this rating: Governance shutdown executed Feb 2026 (PTBR-35, Feb 6; redux Feb 25): on-chain Governor wound down and remaining governance-system liquidity redistributed to POOL holders via AMMs — protocol continues team-run with no economic rights. Governance decentralization perpetually promised, never delivered; POOL 'created solely to govern' — decorative by design
Governance decentralization perpetually promised, never delivered
POOL 'created solely to govern' — decorative by design
S4 RE-TAG 2026-08-31: PTBR-35 'Governance Shutdown' executed Feb 6 2026 (340.03K votes, 47 addresses) + 'Governance Shutdown (redux)' Feb 25 2026 — remaining governance liquidity redistributed to POOL holders via AMMs; protocol team-run (ApeCoin/Fei pattern); GSA5 near-miss retained pending dissolved-DAO index-treatment review at next re-file
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.
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.
2026-08-31 recheck — what changed
Structure re-tag S1 → S4: PTBR-35 'Governance Shutdown' executed Feb 6 2026 (redux Feb 25) — on-chain Governor wound down, remaining liquidity redistributed to POOL holders via AMMs (pre-baseline event missed by matrix)