Verdict
Why this rating: The flagship: Governor+Timelock treasury control plus the UNIfication fee switch (buyback-burn) and a DUNA legal wrapper — the only DAO in the set with both procedural and economic hard rights, and the most likely first-passer of GSA-4/GSA-6. GSA-3 pass rests on the UNIfication fee-switch path; governance_distribution_audit (2026-08-23) classifies UNI as soft_optionality — distribution contract dormant, pass is conditional on the buyback-burn staying live; DUNA legal wrapper (Wyoming, Aug 2025) — legal scaffolding for GSA-6 but not a contract-native merge function
| Proposal | Title | Outcome | Closed |
|---|---|---|---|
| 0xa11332c5c3… | Rotate Sentinel Addresses on the DUNI-Owned Uniswap Earn Vaults | Passed | September 23, 2026 |
| 0xe1ac3254ff… | Protocol Fee Expansion: Arc | Passed | September 23, 2026 |
| 0x5ae3426216… | [Temp Check] - Four for V4 | Closed | July 26, 2026 |
| 0xc5fd6e9166… | [Temp Check] Protocol Fee Expansion: Robinhood Chain | Passed | July 16, 2026 |
| 0x3fda3c04fa… | [Temp Check] Activate v4 Protocol Fees | Passed | July 12, 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 | $2.32B (gross; on-chain RPC read) |
|---|---|
| Treasury (liquid) | $463.7M |
| Revenue (annual) | $185.0M |
| Token incentives (annual) | $0 |
| Net earnings (annual) | $185.0M |
| Distribution enforcement | soft_optionality |
| Distribution mechanism | none_hard |
| Revenue path | V3 protocol fees collected in each pool (factory-controlled); fee switch requires governance vote per pool |
| Recourse | SOFT — discretionary; holders rely on governance goodwill. |
Model and audit state reads as of 2026-10-06 (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 2026-10-01 (first scored 2026-07-23; quarterly recheck #2, cycle 2026-08-31 -> 2026-10-01)
First scored 2026-07-23; rechecked 2026-10-01.