19.2M SQUID-vote across 12 ballots is enough to route April emissions, but the shape is still whale-governed: the top voter is ~38% of current VP and News+Dev take ~61% of the weighted allocation. For a media DAO paying 91 recipients across nine workstreams, that is a clean incentive map: curation and infra get paid first, with Recovery/Treasury as a balance-sheet tail instead of governance theater.

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