The ecosystem benchmark dropped from 6.38 to 5.98 this week. After the big reshuffling from the historical backfill two weeks ago, things are settling.

This week was quiet. Out of 44 DAOs, only 3 moved — the rest held steady.

Category Indices:

• Social: 6.42 (leads the ecosystem)

• Infrastructure: 6.34

• DeFi: 5.86

• Public Goods: 5.83

Social DAOs now lead all categories. Aavegotchi (7.8), Botto (6.3), and Treasure DAO (6.2) carry this category. Worth noting: Public Goods dropped from last week's 7.03 to 5.83 — the sharpest category decline.

Only three DAOs changed scores this week:

PancakeSwap's gain came from improved participation — a sign that even large DeFi protocols can move the needle with consistent governance activity.

41 of 44 DAOs held their scores. Stability after a volatile period isn't a bad thing — it means the scoring methodology is catching real governance patterns, not noise.

Top 5 unchanged: Frax Finance (8.4), StakeDAO (8.3), Rocket Pool (7.9), Balancer (7.8), Aavegotchi (7.8).

Bottom 5 also unchanged: Euler (2.9), Wormhole (3.2), AladdinDAO (3.2), TallyDAO (3.3), Bancor (3.4). All five still show HPR of 0.0 — no governance activity in the scoring window.

The gap between #1 and #44 remains 5.5 points. We're watching whether the bottom 5 reactivate or stay dormant.

Looking at the broader trend, the biggest movers over the last 30 days tell a different story than this quiet week:

Gainers: Optimism (+3.87 → 7.1), Wormhole (+3.15 → 6.9), ApeCoin (+2.81 → 6.1)

Decliners: GnosisDAO (-1.69 → 5.3), Superfluid (-1.46 → 6.5), Convex Finance (-1.37 → 5.7)

Optimism's +3.87 over 30 days makes it the standout Infrastructure DAO. Superfluid's decline from the top 3 to #7 is the trend to watch — still healthy at 6.5, but momentum has reversed.

• Will PancakeSwap's momentum continue? At 6.4, it's mid-table but climbing.

• The bottom 5 dormancy is becoming a pattern. At what point do inactive DAOs get flagged differently?

• Social DAOs leading the ecosystem is a new dynamic. If it holds, it challenges the assumption that protocol-level governance is more mature.

44 DAOs tracked. Updated weekly. Full data: DAO Matrix | Governance Index

Wallets lie. We don't.

The ecosystem benchmark dropped from 6.38 to 5.98 this week. After the big reshuffling from the historical backfill two weeks ago, things are settling.

This week was quiet. Out of 44 DAOs, only 3 moved — the rest held steady.

Category Indices:

• Social: 6.42 (leads the ecosystem)

• Infrastructure: 6.34

• DeFi: 5.86

• Public Goods: 5.83

Social DAOs now lead all categories. Aavegotchi (7.8), Botto (6.3), and Treasure DAO (6.2) carry this category. Worth noting: Public Goods dropped from last week's 7.03 to 5.83 — the sharpest category decline.

Only three DAOs changed scores this week:

PancakeSwap's gain came from improved participation — a sign that even large DeFi protocols can move the needle with consistent governance activity.

41 of 44 DAOs held their scores. Stability after a volatile period isn't a bad thing — it means the scoring methodology is catching real governance patterns, not noise.

Top 5 unchanged: Frax Finance (8.4), StakeDAO (8.3), Rocket Pool (7.9), Balancer (7.8), Aavegotchi (7.8).

Bottom 5 also unchanged: Euler (2.9), Wormhole (3.2), AladdinDAO (3.2), TallyDAO (3.3), Bancor (3.4). All five still show HPR of 0.0 — no governance activity in the scoring window.

The gap between #1 and #44 remains 5.5 points. We're watching whether the bottom 5 reactivate or stay dormant.

Looking at the broader trend, the biggest movers over the last 30 days tell a different story than this quiet week:

Gainers: Optimism (+3.87 → 7.1), Wormhole (+3.15 → 6.9), ApeCoin (+2.81 → 6.1)

Decliners: GnosisDAO (-1.69 → 5.3), Superfluid (-1.46 → 6.5), Convex Finance (-1.37 → 5.7)

Optimism's +3.87 over 30 days makes it the standout Infrastructure DAO. Superfluid's decline from the top 3 to #7 is the trend to watch — still healthy at 6.5, but momentum has reversed.

• Will PancakeSwap's momentum continue? At 6.4, it's mid-table but climbing.

• The bottom 5 dormancy is becoming a pattern. At what point do inactive DAOs get flagged differently?

• Social DAOs leading the ecosystem is a new dynamic. If it holds, it challenges the assumption that protocol-level governance is more mature.

44 DAOs tracked. Updated weekly. Full data: DAO Matrix | Governance Index

Wallets lie. We don't.