Did you ever voting on a proposal of projects you love? You might know #Tally probably, sadly they are shutting down. The one left now only #Snapshot.

Not surprised, #DAOs was never a interesting narrative for retails.
There are 13k+ DAOs over crypto, but average participation just ~17%. Most “governance” is decided by a tiny slice of holders while the rest don’t care.
Top 0.1% of holders control ~90% of voting power across major DAOs. More unequal than any country on earth.
We didn’t build digital democracies, we built hyper-efficient plutocracies.
delegation was supposed to fix that but it just compressed power further.
now it’s not even whales directly, it’s a handful of professional delegates, VC-aligned wallets, and service firms basically acting like proxy advisors.
the natural outcome of the design
Compound almost lost ~$25M because turnout was so low a coordinated minority could push proposals through
Beanstalk got drained $182M in a single block because voting power can be borrowed, used, and returned before anyone reacts
Arbitrum tried to “vote” on $1B that had already been moved
Uniswap governance literally gets shaped by which bridge a VC has exposure to
There many idea of something called governance 2.0 is trying to patch this
/ veTokens → align long term, but whales still dominate
/ delegation → improves efficiency, but centralizes harder
/ quadratic → nice theory, breaks under sybil
/ Optimism dual house → probably the most interesting, but still soft power sits with insiders
/ #AI delegates → might boost participation… or just create new control layer
none of these actually remove plutocracy. they just reshuffle who the top players are
honest frame imo is that DAOs are not decentralized systems. They are programmable plutocracies with transparent rules.
We, retail in this space, as market heading to
> #RWAs + real yield come in
> protocols sharing revenue
> governance directing real cash flows
governance tokens start being assets we accumulate to control capital allocation. That could be more sense of voting.