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  "text": "Token-plutocracy is the default governance form: across all forty DAOs governance is fundamentally token-weighted, even the strongest formal processes recreate capital-based concentration beneath the procedural facade, and no DAO has implemented reputation-weighted voting in production.",
  "author": {
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    "name": "Wulf A. Kaal",
    "identifier": "https://orcid.org/0009-0008-7840-1847"
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  "citation": "Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026). SSRN: https://ssrn.com/abstract=6819121",
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  "abstract": "Even DAOs with the strongest formal governance processes, BanklessDAO at 8/10 on Governance, ENS at 8/10, operate underlying token-weighted voting that recreates capital-based concentration beneath the procedural facade. No DAO in the dataset has implemented reputation-weighted voting in production.",
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