WLFI Voting Controversy: The team holds 33.5% of the tokens. How much genuine democracy is behind this on-chain vote?

【Blockchain Rhythm】Recently, the crypto community has been discussing a controversial governance event. A top project proposed a resolution at the end of last year, which caused a stir during the voting phase—initially, the proposal was rejected with a majority against it, but through persistent efforts by the team and partners, the voting outcome was forcibly reversed.

Community data analysts uncovered key information: among the top voting wallets, most are controlled by team members or strategic partners. This seemingly fair on-chain voting actually has an uneven distribution of power. According to data, the project team controls 33.5% of the total token supply, strategic partners hold an additional 5.85%, and only 20% of the tokens have entered the community through public sales.

Even more noteworthy is the design of the token economic model. According to project documentation, 75% of protocol revenue is allocated to a specific family, while 25% goes to another family. Ordinary token holders can participate in voting but have no rights to distribute any protocol earnings. This approved proposal essentially uses a voting facade to sell tokens, diluting the rights of long-term holders and increasing internal revenue sources for the project team.

Currently, the token trading price of this project is $0.1641, with a market capitalization of approximately $4.469 billion. The fully diluted valuation reaches as high as $16.4 billion. As on-chain voting remains one of the core commitments of Web3, this case serves as a lesson to all participants.