# kaal:claim:6819121-019

**Claim.** 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.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- forty operational DAOs against the thirteen-category rubric

**Source quote.**

> 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.

**From.** Wulf A. Kaal, *The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis* (2026), VI. Findings, Finding 3, page 19

**Cite as.** Wulf A. Kaal, The Institutional Deficit in Decentralized Autonomous Organizations - An Empirical Analysis (2026). SSRN: https://ssrn.com/abstract=6819121

**Verify.** sha256 of source PDF `f04b274f926d23848e77b429a13227baed9858b90fec826ddaabd2acca7035fe` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202026%20-%20The%20Institutional%20Deficit%20in%20Decentralized%20Autonomous%20Organizations%20-%20An%20Empirical%20Analysis.pdf

**Topics.** dao, decentralization, tokenomics, reputation

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