2026-01-21 03:32:57

There is an interesting phenomenon worth noting—DeBank's top ten wallet holders in DeFiSquared recently discovered an issue. Using on-chain data analysis tools (Bubble Maps), they uncovered that the recent governance vote for a certain DeFi project was predominantly supported by wallets associated with the project team and their affiliates.

The underlying logic behind this is even more worth pondering. The proposal that was passed appears to aim at increasing the liquidity of a certain token, but in reality, it serves as a justification for the project team to periodically sell tokens to generate protocol revenue. According to the project's whitepaper, 100% of this revenue distribution right is controlled by specific interested parties.

This design actually reflects an old problem: when governance power is highly concentrated and tied to economic incentives, even with voting mechanisms in place, the outcomes are often predetermined. On-chain data makes all of this transparent, yet the votes still pass as usual.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

18 Likes

Reward
18
6
Repost
Share

Comment

0/400

RugResistant

· 01-23 12:32

lol analyzed the voting chain and yep, red flags detected everywhere. classic governance theater—data's right there but nobody cares, governance gets rubber-stamped anyway. unsafe implementation meets concentrated incentives, needs immediate attention fr.

Reply0

ContractHunter

· 01-22 22:41

Isn't this just the traditional corporate governance routine, just with a different on-chain shell... true decentralization is still nowhere to be seen.

View OriginalReply0

GamefiGreenie

· 01-21 04:03

It's the same old trick again—governance voting is just a sham. To put it plainly, it's just voting for oneself and then pompously claiming there's consensus.

View OriginalReply0

AirdropSkeptic

· 01-21 04:02

On-chain data is so clear, yet it still passes, which is just ridiculous. Governance voting has truly become a mere formality, which is a bit funny.

View OriginalReply0

AirdropHunterKing

· 01-21 04:02

Oh man, I’m too familiar with this routine, it’s exactly the same as a governance vote for a certain air coin before. The wallet addresses are all insiders, and the contract interactions are also all insiders. Basically, it’s a self-directed and self-acted show. I’m just wondering, why do on-chain data get so thoroughly exposed, yet some people still rush in and get caught?

View OriginalReply0

ForkYouPayMe