Executive summary
July 2026 kept five Snapshot governance actions in scope, so the monthly participation threshold remained ≥ 75% (≥ 4/5 votes). The month mixed legacy and new per-proposal budgets: two votes that started in June and closed in early July still used pre-July rates, while three votes that started in July used the reduced 2Q2026 schedule published by OpCo.
Across five proposals, 35 enrolled delegates cast votes on 117 delegate-proposal instances (66.86% program participation). 21 delegates received $23,000.00 in total RAD rewards (full budget utilization on all five proposal sheets). 70 of 117 voted instances (59.83%) had an on-time public rationale; delegates who voted without a timely rationale remained eligible where monthly participation and minimum VP rules were met, with a 10% trim on that proposal’s payout.
Compared with June 2026 (five votes, 75% threshold, $29,000 envelope): July had a smaller cohort (35 vs 36), similar aggregate participation (66.86% vs 68.33%), one more delegate paid (21 vs 20), a smaller total distribution ($23,000 vs $29,000) driven by the mid-year budget cut, and a lower on-time rationale rate (59.83% vs 66.67%).
What changed vs June
| Rule | June 2026 | July 2026 (this report) |
|---|---|---|
| Proposals in month | 5 | 5 |
| Monthly participation | ≥ 75% (≥ 4/5) | Same |
| Missing rationale within 5 days | −10% on that proposal’s reward | Same |
| Total RAD envelope | $29,000 | $23,000 |
| Budget schedule | Pre-July rates on all five | Mixed: June-started votes keep old rates; July-started votes use 2Q2026 review |
Budget realignment (2Q2026)
OpCo’s RAD Budget - Quarterly Review (2Q2026) cut per-proposal USD budgets and payout caps for the July-September quarter, to realign ARB outflows after the token’s drawdown since program launch. New budgets apply only to proposals that start in July 2026 or later. Proposals that started in June but ended in July keep the old schedule.
| Category | Old budget / cap | New budget / cap |
|---|---|---|
| Off-chain temperature check | $5,000 / $300 | $3,000 / $250 |
| Off-chain decision-making | $7,000 / $500 | $5,000 / $400 |
| Off-chain election | $7,000 / $500 | $5,000 / $400 |
July application of that rule:
| Proposal | Start (UTC) | Schedule | Budget / cap |
|---|---|---|---|
| [Constitutional] AIP: Automate Timeboost Proceeds Split | 25 Jun | Old | $5,000 / $300 |
| AGV Wind-Down: Structured Transition & Return of Capital to the DAO Treasury | 25 Jun | Old | $7,000 / $500 |
| Fast Feed: Constitutional AIP | 2 Jul | New | $3,000 / $250 |
| OAT Elections | 9 Jul | New | $5,000 / $400 |
| [Constitutional] AIP: Ratification of Security Council Election Process Improvements | 16 Jul | New | $3,000 / $250 |
Eligibility and rationale rules are unchanged (eligibility update).
35 delegates enrolled in July (−1 vs June’s 36):
July participants
- New: none
- Departures: Blockworks Research
Rewards
Total distributed: $23,000.00
Delegates paid: 21
Source: Total Reward Summary
Full payout list (by total reward, descending)
| Delegate | Proposals voted | Total ($) |
|---|---|---|
| DZack23 | 5 | 1,700.00 |
| Griff | 5 | 1,700.00 |
| GMX | 5 | 1,675.00 |
| L2BEAT | 5 | 1,660.00 |
| Areta | 5 | 1,631.83 |
| SEEDGov | 5 | 1,610.00 |
| Camelot | 5 | 1,530.00 |
| Olimpio | 5 | 1,530.00 |
| MaxLomu | 5 | 1,479.75 |
| Arana Digital | 5 | 1,469.43 |
| MerlynLabs | 4 | 1,287.72 |
| Yoav | 4 | 1,275.00 |
| Cornell Blockchain | 5 | 1,123.07 |
| Jojo | 5 | 1,070.32 |
| Uniswap Delegation | 5 | 708.76 |
| Layer3 | 4 | 338.89 |
| TodayInDeFi | 4 | 311.50 |
| Axia Network | 5 | 276.04 |
| Zeptimus | 5 | 248.87 |
| cp0x | 5 | 198.52 |
| Sov | 4 | 175.31 |
Not paid (July): Aave, Castle Labs, Coinflip, GFXLabs, Gauntlet, Karpatkey, LamprosDAO, Limes, MUX, Michigan, Mihal, Mikael Bondum, Reverie, whizwang (insufficient participation, VP, and/or zero eligible VP across sheets).
Voting Breakdown
Five Snapshot proposals counted toward July RAD participation and rewards:
1. [Constitutional] AIP: Automate Timeboost Proceeds Split
- Type: Snapshot - temperature check (constitutional) · old budget
- Budget / cap: $5,000 · $300 / delegate (started June → pre-July rates)
- Vote end (UTC): 2026-07-02 16:30
- Link: Snapshot proposal · Forum
- RAD voters: 21 / 35 (60.0% of enrolled)
- On-time rationales (among voters): 13 (61.9%)
2. AGV Wind-Down: Structured Transition & Return of Capital to the DAO Treasury
- Type: Snapshot - decision making (non-constitutional) · old budget
- Budget / cap: $7,000 · $500 / delegate (started June → pre-July rates)
- Vote end (UTC): 2026-07-02 19:44
- Link: Snapshot proposal · Forum
- RAD voters: 26 / 35 (74.3%)
- On-time rationales: 15 (57.7%)
3. Fast Feed: Constitutional AIP
- Type: Snapshot - temperature check (constitutional) · new budget
- Budget / cap: $3,000 · $250 / delegate (started July → 2Q2026)
- Vote end (UTC): 2026-07-09 18:54
- Link: Snapshot proposal · Forum
- RAD voters: 21 / 35 (60.0%)
- On-time rationales: 13 (61.9%)
4. OAT Elections
- Type: Snapshot - off-chain election · new budget
- Budget / cap: $5,000 · $400 / delegate (started July → 2Q2026)
- Vote end (UTC): 2026-07-16 22:54
- Link: Snapshot proposal · Forum
- RAD voters: 24 / 35 (68.6%)
- On-time rationales: 13 (54.2%)
5. [Constitutional] AIP: Ratification of Security Council Election Process Improvements
- Type: Snapshot - temperature check (constitutional) · new budget
- Budget / cap: $3,000 · $250 / delegate (started July → 2Q2026)
- Vote end (UTC): 2026-07-23 13:45
- Link: Snapshot proposal · Forum
- RAD voters: 25 / 35 (71.4%)
- On-time rationales: 16 (64.0%)
Total RAD budget envelope (July): $23,000 ($5k + $7k + $3k + $5k + $3k). All five sheets show full budget spend in the workbook.
Participation
| Metric | July 2026 | June 2026 |
|---|---|---|
| Enrolled delegates | 35 | 36 |
| Proposals in scope | 5 | 5 |
| Program participation (aggregate) | 66.86% | 68.33% |
| Delegates with 100% | 16 | 18 |
| Delegates with 80% | 5 | 2 |
| Delegates with 60% | 1 | 5 |
| Delegates with 40% | 6 | 5 |
| Delegates with 20% | 2 | 0 |
| Delegates with 0% | 5 | 6 |
| Met monthly threshold (≥ 75%) | 21 | 20 |
The five delegates at 80% cleared July’s 75% bar. GFXLabs at 60% did not.
Zero participation (May-July). July’s five delegates at 0% were Castle Labs, Karpatkey, Limes, Michigan, and Mikael Bondum. Looking back across the last three months:
| Delegate | May | June | July |
|---|---|---|---|
| Castle Labs | 0% | 0% | 0% |
| Limes | 0% | 0% | 0% |
| Karpatkey | 25% | 0% | 0% |
| Michigan | 25% | 0% | 0% |
| Mikael Bondum | 50% | 0% | 0% |
All five July zeros also sat at 0% in at least one of the prior two months. Castle Labs and Limes recorded 0% in May, June, and July. That pattern weighs on aggregate program participation: five zeros alone remove 25 of 175 July slots (~14 pp of the denominator). Blockworks Research is set aside here; they gave notice and left the program in July.
A practical follow-up is to check in with these repeatedly inactive delegates (or confirm an exit), rather than leaving multi-month 0% rows in the enrolled set.
Rationale requirement
Among instances where an enrolled delegate cast a vote:
| July 2026 | June 2026 | |
|---|---|---|
| Vote instances | 117 | 123 |
| On-time rationale | 70 (59.83%) | 82 (66.67%) |
| Voted without on-time rationale | 47 | 41 |
OAT Elections had the lowest rationale rate among voters (54.2%); [Constitutional] AIP: Ratification of Security Council Election Process Improvements had the highest (64.0%).
Rationale deadline: exactly 5 days (120 h) after each vote end timestamp. For posts edited after creation, the workbook credits the time the matching rationale content first appears (Discourse revisions), not only the final updated_at.
Voting power & incentivized VP
From the July workbook: table TOTAL row (VP = column B; Eligible VP = column E; Incentivized VP % = row below the table):
| Proposal | Total VP deployed | Incentivized VP (Eligible VP, TOTAL) | Incentivized % |
|---|---|---|---|
| [Constitutional] AIP: Automate Timeboost Proceeds Split | 121,728,011 ARB | 107,407,473 ARB | 88.24% |
| AGV Wind-Down: Structured Transition & Return of Capital to the DAO Treasury | 144,572,454 ARB | 109,702,659 ARB | 75.88% |
| Fast Feed: Constitutional AIP | 108,910,654 ARB | 105,713,378 ARB | 97.06% |
| OAT Elections | 124,387,164 ARB | 97,707,059 ARB | 78.55% |
| [Constitutional] AIP: Ratification of Security Council Election Process Improvements | 139,108,039 ARB | 109,291,230 ARB | 78.57% |
Incentivized % sits above June’s early-wave troughs (~72%) and closer to mid/late-June sheets (~76-97% here). The gap between Total VP and Eligible VP is not mainly about rationales or minimum VP: it is about the monthly participation gate on column E.
When a delegate’s monthly participation rate is below 75%, eligible VP is zero on every proposal they voted on, even on rows where they cast a vote and hold well above 200k ARB. That VP still appears in Total VP deployed (column B) but drops out of the incentivized pool.
July has only one delegate at 60% (GFXLabs), versus five at 60% in June, so less deployed VP is zeroed out by the monthly bar. Sheets with more partial voters still show a clear Eligible VP gap: AGV Wind-Down: Structured Transition & Return of Capital to the DAO Treasury, OAT Elections, and [Constitutional] AIP: Ratification of Security Council Election Process Improvements land near ~76-79%, while Fast Feed: Constitutional AIP reaches 97.06%.
Conclusions & observations
July kept the five-proposal at 75% frame from June, while introducing the first month of split budget schedules under the OpCo 2Q2026 review. The envelope fell from $29,000 to $23,000 even though one more delegate was paid (21 vs 20), because June-started closes kept old rates and July-started votes used the reduced schedule.
1. Turnout stayed mid-60s across an uneven calendar
AGV Wind-Down: Structured Transition & Return of Capital to the DAO Treasury had the highest enrolled turnout (74.3%). [Constitutional] AIP: Automate Timeboost Proceeds Split and Fast Feed: Constitutional AIP sat near 60%. That pattern is less “two discrete waves” than June’s early/late split, but still uneven across the calendar.
2. Rationale rate slipped vs June
59.83% of vote instances had on-time rationales vs 66.67% in June. OAT Elections was weakest among voters (54.2%); [Constitutional] AIP: Ratification of Security Council Election Process Improvements was strongest (64.0%).
3. Incentivized VP % recovered vs June’s early-wave trough
Per-sheet incentivized % (~76-97%) is healthier than June’s ~72% on early Snapshot sheets, with fewer high-VP delegates stuck at 60%. The participation gate still zeroes Eligible VP for anyone below 75% monthly participation.
The RAD multisig was topped up with 2,000,000 ARB from the funds from DIP under the custody of the Arbitrum Foundation. The Arbitrum Foundation currently holds 2,882,488.93 ARB from DIP on behalf of OpCo.