This week's governance data tells three stories: a collapse, a comeback, and a structural pattern that keeps repeating.

The Collapse: SushiSwap (-0.39)

SushiSwap recorded the steepest weekly GVS drop in our index this week — down 0.39 points to 5.2. The DEI score sits at 0.1, meaning delegate engagement is near-zero. When delegates stop showing up, governance doesn't freeze — it concentrates. A handful of remaining active addresses gain outsized influence by default. This isn't unique to Sushi, but the speed of the drop is worth watching.

The Comeback: ShapeShift (+0.32)

ShapeShift moved in the opposite direction, posting the week's strongest gain at +0.32. ShapeShiftDAO has had a turbulent governance history — it shut down its token program, restructured multiple times, and rebuilt its contributor base from scratch. The uptick in GVS suggests renewed delegate activity. Whether this is sustained or a one-week spike will be visible in next week's data.

The Pattern: DeFi vs Infrastructure

For the third consecutive week, DeFi DAOs outperform Infrastructure DAOs in governance health. This week: DeFi 5.95 vs Infrastructure 5.55. The gap isn't random. DeFi protocols face immediate market consequences for governance failures — bad decisions get priced in within hours. Infrastructure DAOs operate more like public utilities: lower urgency, more political dynamics, slower feedback loops. The data reflects the incentive structure.

Worth Watching: Arbitrum Security Council Election

Arbitrum (#17, GVS 6.4, ↑+0.14) is heading into its Security Council election — one of the most consequential governance moments for any infrastructure DAO. The Security Council holds emergency powers over the protocol. Who controls those seats matters. Arbitrum's DEI sits at 1.7 — delegate engagement is low despite high follower count (9.9 HPR). That gap between token holders and active participants is exactly the environment where concentrated voting determines outcomes.

New Entries

Four DAOs joined the index this week with initial scores (Mantle, Across DAO, AladdinDAO, TallyDAO). All show HPR 0.0 pending sufficient proposal history. Watch for first real scores in 2–3 weeks.

Bottom of the Index

Bent Finance holds last place at GVS 2.1 — the only DAO below 3.0. HPR 0.0, DEI 0.5. Effectively inactive governance.

DGI tracks 53 DAOs across DeFi, Infrastructure, Public Goods, and Social categories. Scores updated hourly. Full matrix: chainsights.one/matrix

Identity-first analytics. Wallets lie. We don't.

This week's governance data tells three stories: a collapse, a comeback, and a structural pattern that keeps repeating.

The Collapse: SushiSwap (-0.39)

SushiSwap recorded the steepest weekly GVS drop in our index this week — down 0.39 points to 5.2. The DEI score sits at 0.1, meaning delegate engagement is near-zero. When delegates stop showing up, governance doesn't freeze — it concentrates. A handful of remaining active addresses gain outsized influence by default. This isn't unique to Sushi, but the speed of the drop is worth watching.

The Comeback: ShapeShift (+0.32)

ShapeShift moved in the opposite direction, posting the week's strongest gain at +0.32. ShapeShiftDAO has had a turbulent governance history — it shut down its token program, restructured multiple times, and rebuilt its contributor base from scratch. The uptick in GVS suggests renewed delegate activity. Whether this is sustained or a one-week spike will be visible in next week's data.

The Pattern: DeFi vs Infrastructure

For the third consecutive week, DeFi DAOs outperform Infrastructure DAOs in governance health. This week: DeFi 5.95 vs Infrastructure 5.55. The gap isn't random. DeFi protocols face immediate market consequences for governance failures — bad decisions get priced in within hours. Infrastructure DAOs operate more like public utilities: lower urgency, more political dynamics, slower feedback loops. The data reflects the incentive structure.

Worth Watching: Arbitrum Security Council Election

Arbitrum (#17, GVS 6.4, ↑+0.14) is heading into its Security Council election — one of the most consequential governance moments for any infrastructure DAO. The Security Council holds emergency powers over the protocol. Who controls those seats matters. Arbitrum's DEI sits at 1.7 — delegate engagement is low despite high follower count (9.9 HPR). That gap between token holders and active participants is exactly the environment where concentrated voting determines outcomes.

New Entries

Four DAOs joined the index this week with initial scores (Mantle, Across DAO, AladdinDAO, TallyDAO). All show HPR 0.0 pending sufficient proposal history. Watch for first real scores in 2–3 weeks.

Bottom of the Index

Bent Finance holds last place at GVS 2.1 — the only DAO below 3.0. HPR 0.0, DEI 0.5. Effectively inactive governance.

DGI tracks 53 DAOs across DeFi, Infrastructure, Public Goods, and Social categories. Scores updated hourly. Full matrix: chainsights.one/matrix

Identity-first analytics. Wallets lie. We don't.