Moving beyond coin voting governance

DAOs & Token-based Governance is a fantasy. Stop emphasizing token-based voting; start focusing on assigning executive power. Even countries and big corporations fail to ensure wide participation by their "token holders" - instead they maintain strong executive bodies Thread 👇

Formalizing stakeholders for on-chain governance today typically occurs through simple token ownership and the governance itself through tokenholder voting. Unfortunately, token holdings are not an accurate reflection of stakeholder value in a protocol for a number of reasons