The Utopia That Became an Oligarchy Four years, 68 proposals, 21 791 voters and 57 884 delegations later, Uniswap’s “digital democracy” is a plutocracy:Gini coefficient = 0.938 (world’s most-unequal country = 0.63)Top 1 % of addresses command 47.5 % of voting power; in one vote they hit 99.97 %Top 10 % routinely decide 91 % of outcomesMedian voter casts 1 vote; the 10 most-active voters cast 54 each“Theatre of Consensus” – Apathy Beats Opposition92.6 % of proposals passEvery failed proposal m...

The Utopia That Became an Oligarchy Four years, 68 proposals, 21 791 voters and 57 884 delegations later, Uniswap’s “digital democracy” is a plutocracy:Gini coefficient = 0.938 (world’s most-unequal country = 0.63)Top 1 % of addresses command 47.5 % of voting power; in one vote they hit 99.97 %Top 10 % routinely decide 91 % of outcomesMedian voter casts 1 vote; the 10 most-active voters cast 54 each“Theatre of Consensus” – Apathy Beats Opposition92.6 % of proposals passEvery failed proposal m...