Governance is hard, especially for decentralized protocols. Allowing a community to govern a protocol does not make it any easier. On the contrary, it makes it exponentially harder and far more dangerous. The challenge is amplified when teams decide that the 1 token = 1 vote model is the best way to distribute power, and that all forms of hierarchies should be eliminated.One of the most important things to realize when creating governance models for decentralized protocols is that the model must be designed for the user, not for the token holder. This is where I believe a lot of broken models originate, when designing something that token holders will like, and not something that protects the actual users of a protocol. It is evident that there are a lot of projects who do not consider this, the opt-out model which some protocols implement are a clear indicator of this.1 token = 1 vote systems create terrible plutocracies, especially when considering who holds tokens.
Source: Against community governance – Dean Eigenmann – Medium