The new ‘decentralization theater’: Crypto projects are still controlled by the few | Opinion

Key Points

1. Many web3 platforms exhibit centralized decision-making despite claims of decentralization, with wealthy insiders holding disproportionate power.

2. Token allocation in blockchain projects often favors investors, making community ownership more of a slogan than a reality.

3. Governance participation is low, with quorum thresholds manipulated and proposals obscured by technical language, limiting genuine community input.

4. Centralized control in web3 risks alienating users, reducing trust, and weakening the broader narrative of decentralization.

5. The article suggests a shift toward intentional design in governance to align communities by values and shared power, rather than maintaining performative decentralization.