Blockchain enthusiasts often criticize traditional institutions for their tendency to concentrate resources and decision-making authority. But token-weighted governance without system design features that counteract centralization are clearly open to similar criticisms. As a result, large token holders are faced with a dilemma: abstain from participation to stay true to the ethos of decentralization, or seek to govern in a way that doesn’t disproportionately benefit powerful actors at the expense of other stakeholders.