DeFi & governance
DAO governance: transparent votes can still concentrate power
Proposal rights, quorum, delegation and execution determine who can direct the assets.
Research articles and reference entries are published in English. Navigation is available in seven languages.
In this article
A public voting interface shows decisions, but it does not guarantee broad participation or independent control. Token distribution, delegation and turnout can allow a small group to determine outcomes. Administrative roles outside the voting interface may matter as well.
Review the complete decision path
Who may propose? What counts as voting power? When is that power measured? What participation is required? Who executes an approved proposal, and can the action be paused or changed? A treasury's exposure depends on the combined rules.
Delegation can reduce participation costs while concentrating authority in a few delegates. A time delay may provide an opportunity to respond, but only if users can see what will execute and have a meaningful response available.
MASTR's July essay uses the BONK DAO discussion to question whether public records are being confused with democratic control. Evaluate the deployed rules and economic incentives without assuming that a proposal's passage proves community consent in any broader sense.
Sources
- MASTR Research: From Decentralisation to Attention Capture, July 2026
- MASTR: Crypto Survival Guide, four original panels
Research checked 5 September 2026. Historical cases retain the date and legal status of the cited record.