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.