2026-01-20 13:24:12

Recently, WLFI's proposal for a USD stablecoin growth has sparked quite a bit of discussion. This on-chain voting exposed an old problem—the high concentration of voting power.

According to on-chain data, the top nine wallets hold about 59% of the voting power, with the largest single wallet contributing 18.786%. What does this mean? The majority of ordinary holders who have locked their tokens have no chance to participate in voting. Researchers have found that most of the supporting votes come from addresses affiliated with the team or strategic partners.

This is where it gets interesting—project teams are eager to push forward new proposals but ignore the unlocking issues that investors care about most. It’s important to note that most token holders are currently locked, meaning they cannot vote and also face potential dilution of their rights.

Even more disheartening is the profit distribution model. According to project rules, 75% of the net revenue generated by the protocol is allocated to an affiliated entity, 25% to another family-related entity, and WLFI’s actual holders receive none of this distribution.

Community doubts are therefore understandable: voting is dominated by a few, and the profits have nothing to do with ordinary holders. What is this if not a form of decentralized governance?

WLFI-1,17%

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.

12 Likes

Reward
12
5
Repost
Share

Comment

0/400

CrossChainBreather

· 01-20 17:03

Same old trick again, 99% of people get cut and still have no voting rights?

View OriginalReply0

BearMarketLightning

· 01-20 13:53

This is a classic game of power, the team playing their own game. --- Basically, it's a new way to cut leeks; projects with concentrated voting rights should be on alert. --- Wait, 75% of the profits are distributed to related entities? Ordinary holders can't get a dime? What’s the point of this coin? --- They start proposing proposals before the lock-up period is over, such straightforward tactics haha. --- I just want to know how many of these nine wallets belong to the project team. --- Decentralized governance? Laughable, it's just a front for centralization. --- No wonder the community is furious; if it were me, I’d be cursing too. --- The first nine wallets hold 59% of the voting rights; once this data is out, the entire project is doomed. --- The profit distribution is truly incredible; how are there still people willing to hold this coin?

View OriginalReply0

ReverseTradingGuru

· 01-20 13:53

Same old trick... Locking 59% of voting rights in the first nine wallets, ordinary people have no say at all, so what decentralization are we talking about? --- 75% of the profits go to related entities? Isn't this just centralized money-grabbing disguised as a DAO? --- Laughable, those who lock their tokens still face dilution risk, voting rights are divided within the team, I give full marks to WLFI's operation. --- The team votes for itself, small retail investors have no voting rights at all, a typical game for the rich. --- Profit distribution directly excludes token holders, this design is truly "innovative." --- One wallet controls 18.786% of the voting rights, the remaining ordinary people together can't even get one percent, this is Web3 democracy. --- Wait, those who lock their tokens still can't vote? Then this isn't governance anymore, it's outright plunder. --- The first nine wallets control everything, yet they call it community autonomy. It makes me suffocate.

View OriginalReply0

Anon4461

· 01-20 13:51

Laughing to death, it's the same old trick... The first nine wallets hold 59% voting power? Isn't this just centralized control with a different mask? --- Regular retail investors are locked in and can't vote, so why should they be diluted? Who came up with this logic? --- 75% of the profits go to related entities? That's incredible, we're just here to work for others. --- WLFI's operation is a textbook-level design of rug pulling, and decentralized governance is literally "go to hell with decentralization." --- Honestly, looking at this data, I have no expectations anymore. It's just another project seeking power rent. --- One wallet can hold 18% of voting rights? And they still dare to boast about community governance? Can't hold it anymore.

View OriginalReply0

NFTRegretDiary