If you needed a live, on-chain demo of why "decentralized governance" is often just a marketing term slapped on a plutocracy, watch one delegate with roughly 50% of the voting power veto a security council proposal and call it democracy.

The whole thing looks like drama from the outside, but what’s actually at stake is whether a DAO with a $350M treasury can make a binding decision when one wallet holds veto power.

ENS DAO is the latest proof that token-weighted governance turns capital concentration into political power.

The real takeaway: governance design is the product now, and degens who ignore that are the ones most exposed when the next vote gets bought.

Learn more: https://blog.humanode.io/ens-just-proved-the-quiet-failure-of-token-governance/