At first glance, we would assume that MinnowDAO is more decentralized than WhaleDAO. However, this conclusion doesn’t consider who controls these wallets in the first place. Suppose, for example, that in MinnowDAO, 70 of those wallets are owned by one whale, i.e., the same person or group. Then MinnowDAO would actually be more centralized than WhaleDAO, with a single person controlling 70% of the voting power.
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