Besides concentrated voting power, restrictive barriers for users to launch proposals is another major issue contradictory to decentralized principles.
Blockchain analytics firm Chainalysis’ latest report reveals that less than 1% of all holders in major DAOs have 90% voting power. It also cited Solend’s attempt to seize a whale’s account to avoid potential insolvency as contradicting the tenets of decentralization on which web3 is built.
On top of the undemocratic scenario that the top 1% of colluded holders could theoretically outvote the remaining 99% on any decision, the report noted that the high requirements on users proposing a vote have also stood against the principle of decentralization. The analytics firm cited a single whale with enormous voting power as the reason behind the original proposal being speedily passed by the DAO:
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