November Participants
A total of 33 participants enrolled, 22 of whom met the base requirements to get Rewards.
You can see the full list here.
Votings Breakdown
During the month, there were a total of 4 Snapshot Votes, three of which were considered as “Off-chain decision making (non-constitutional)” and one was considered as “Off-chain temperature check (non-binding)”.
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Off-chain decision making (non-constitutional):
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Off-chain temperature check (non-binding):
As a reminder, the budget for this quarter was set at the time of the vote that approved this program:
Incentive Budget per Quarter
| Proposal type | Incentive Budget | Payout Cap | Minimum voting power |
|---|---|---|---|
| On-chain constitutional quorum | 15,000 USD | 700 USD | 200k ARB |
| On-chain non-constitutional quorum | 7,000 USD | 500 USD | 200k ARB |
| Off-chain decision making (non-constitutional) | 7,000 USD | 500 USD | 200k ARB |
| Off-chain election | 7,000 USD | 500 USD | 200k ARB |
| Off-chain temperature check (non-binding) | 5,000 USD | 300 USD | 200k ARB |
Incentive Budget from November 1st, 2025, to January 31st, 2026
November Results
You can see the sheets with the results here.
Of all the participating delegates, 22 were eligible to receive rewards.
| Delegate | Proposals Voted | Total Rewards ($) |
|---|---|---|
| Arana Digital | 4 | 1,800.00 |
| Areta | 4 | 1,800.00 |
| Camelot | 4 | 1,800.00 |
| GMX | 4 | 1,800.00 |
| Gauntlet | 4 | 1,800.00 |
| L2BEAT | 4 | 1,800.00 |
| MerlynLabs | 4 | 1,732.44 |
| Griff | 4 | 1,524.84 |
| Coinflip | 3 | 1,500.00 |
| GFXLabs | 3 | 1,500.00 |
| MUX | 3 | 1,500.00 |
| Bob-Rossi | 4 | 1,400.88 |
| MaxLomu | 4 | 1,274.63 |
| Karpatkey | 4 | 1,051.53 |
| Uniswap Delegation | 4 | 757.28 |
| Layer3 | 4 | 741.07 |
| Jojo | 4 | 663.99 |
| paulofonseca | 4 | 541.14 |
| TodayInDeFi | 4 | 489.89 |
| Zeptimus | 4 | 281.61 |
| 0xDonPepe | 3 | 180.69 |
| DZack23 | 3 | 60.02 |
| TOTAL | 26,000.00 |
Rewards in USD: $26,000.00
Metrics
Participation
Participation reached 79.55% across the 33 participating delegates. Of these 33, eight had a monthly participation rate below 75%, and three had Voting Power below 200,000 ARB at the time they cast their votes. As a result, 11 delegates were not eligible for rewards.
Regarding the eight delegates with a participation rate below 75%, we will reach out to them privately to better understand the reasons behind the missed votes and offer support going forward, with the goal of enabling them to meet the requirements in future periods.
Voting Power
Delegates participating in the program contributed the following average voting power (for the purposes of this analysis, broken down by voting category):
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Off-chain decision-making (non-constitutional): 113,472,052 ARB
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Off-chain temperature check (non-binding): 88,517,207 ARB
Meanwhile, the program incentivized the following average voting power:
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Off-chain decision-making (non-constitutional): 96,243,482 ARB
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Off-chain temperature check (non-binding): 73,927,894 ARB
The differences between voting power contributed and voting power incentivized are explained by votes that did not receive rewards, as they corresponded to delegates who either did not meet the 75% participation rate threshold or had Voting Power below 200,000 ARB at the time of voting.
Economics
As previously established, a budget equivalent to USD 7,000 per vote was allocated for Off-chain decision-making (non-constitutional) proposals, while USD 5,000 per vote was allocated for Off-chain temperature check (non-binding) proposals. This results in the following averages:
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For Off-chain decision-making (non-constitutional) votes, USD 0.00007273* was allocated per vote on average (or, viewed differently, 13,749.09 ARB per dollar allocated).
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For Off-chain temperature check (non-binding) votes, USD 0.00006763* was allocated per vote on average (or, viewed differently, 14,785.58 ARB per dollar allocated).
Given that the former category requires a quorum, it is both expected and desirable for each vote in that category to be more strongly incentivized.
*Note that this ratio does not match the one used for reward calculations in the shared sheets. This is expected due to the reward cap. The ratio used in the sheets is purely a mathematical construct intended to redistribute the remaining budget among delegates who do not reach the cap, ensuring that 100% of the originally allocated budget is distributed.
Conclusions
While it is still early to draw definitive conclusions—particularly considering that the December 2025 results differ materially—it is evident that delegates who remained active across all votes, despite the absence of an approved incentive program, were at an advantage relative to those who did not.
That said, we will continue working closely with the OpCo to ensure that all participants cast votes in as many proposals as possible, helping the DAO consistently reach the required quorum whenever necessary.