Vitalik Buterin argued that DAO token-holder governance often devolves into vote-buying auctions that structurally concentrate power, undermining true decentralization

Quotes that support claims

Third, Buterin criticized the current governance model of DAO token holders. He observed voting power often turns into an auction, letting people “buy” the most number of votes. Despite being decentralized on paper, these systems tend to concentrate power structurally. “Governance is something where you don’t just need to think about the formal rules being decentralized, you need to think about whether or not it’s enabling outcomes that are decentralized,” said Buterin.