@shanegilmore

To assess whether a governance token has genuine voting power, one must analyze on-chain governance processes and their effectiveness. If token holders can propose, vote, and influence protocol upgrades or treasury allocation in a verifiable way, then voting rights are meaningful. Some projects implement “snapshot voting” or quadratic voting to prevent whales from dominating. Others use off-chain signaling mechanisms with limited impact, which reduces true governance utility. Evaluating past governance proposals provides clear evidence: if decisions have been enacted according to community votes, the governance process is credible. Conversely, if votes are symbolic and final decisions remain with core teams or foundations, the token’s governance utility is weak. True voting power must be transparent, binding, and decentralized.

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