A growing discussion in DeFi is whether token-based governance really represents communities fairly.
In many protocols, voting power is directly tied to token ownership, which can give large holders significant influence over decisions. There have also been real cases where flash loans were used to temporarily gain voting power and push proposals through.
Because of this, some projects are experimenting with alternatives like time-weighted voting, staking requirements, or non-transferable governance models tied to long-term participation.
The bigger challenge for DeFi is finding a governance system that balances openness, security, and fair representation at the same time.