The DAO ecosystem on Ethereum has increasingly shown signs of a "high weight, high voice" small-circle structure. Many DAOs, like MakerDAO and SushiSwap, face criticism for governance dominated by large token holders or "whales," who control significant voting power due to token concentration. Data from platforms like Snapshot reveals that proposals often pass with minimal participation—sometimes less than 5%—highlighting how a small group of influential players can dictate outcomes. This centralization of power contradicts the decentralized ethos of DAOs, as smaller token holders struggle to influence decisions. While solutions like quadratic voting or reputation-based systems are being explored to balance influence, the current trend suggests that governance remains skewed toward a privileged few, creating barriers to broader community engagement.