Governance turnout falls as delegation concentrates in fewer hands
Across five major protocols, a majority of voting power now sits with fewer than ten delegates.
Voting participation has declined across five of the largest protocol treasuries over the past year, while the share of voting power controlled by the ten largest delegates has risen in each case.
Delegates argue the concentration reflects a working division of labour: reading risk parameter proposals is a specialist job, and token holders are rationally outsourcing it.
Critics counter that professional delegates are increasingly funded by the same treasuries they oversee, an arrangement that few protocols disclose consistently.
Two projects have introduced term limits and mandatory conflict disclosures for funded delegates, and a third is consulting on quorum rules that would fail proposals decided by too few voters.
None of the protocols contacted said turnout itself was a governance failure, though several conceded that a quorum met by three addresses is difficult to describe as decentralised.
Spotted an error? Read our corrections policy or email newsroom@dc10audio.com. Nothing here is investment advice.