In the Web3 space, the governance mechanisms of DAOs (Decentralized Autonomous Organizations) have always been a topic of great interest. However, many projects claim to have achieved decentralized governance, but the reality may be quite different. This article will explore how to use the Bubblemaps tool to examine the actual governance status of DAO projects, revealing the truth behind the decisions.

First of all, what we need to follow is the distribution of tokens. Through Bubblemaps, we can visually observe the proportion of the top ten addresses holding tokens. If we find that a few addresses control more than 30% of the tokens, it means that voting power is highly concentrated, which may lead to the voices of ordinary token holders being ignored.

Secondly, wallet correlation analysis is crucial. Bubblemaps' algorithm can identify groups of wallets that appear to be independent but are actually controlled by the same entity. If there is a close correlation between multiple large holding addresses, it may suggest the presence of behind-the-scenes manipulation.

Furthermore, tracking large transaction records can provide valuable clues. If a large number of tokens suddenly transfer to a few addresses shortly before an important vote, it may be a sign of human manipulation of the decision.

Finally, we also need to compare the analysis results of Bubblemaps with the public statements of the project team. If the project claims to have achieved Decentralization governance, but Bubblemaps shows a large concentration of tokens in the hands of the team or investment institutions, this may indicate a discrepancy between words and actions.

It is noteworthy that the more decentralized the token distribution, the healthier the governance of the DAO usually is. Therefore, when participating in DAO projects, using tools like Bubblemaps for in-depth analysis helps investors better understand the actual governance situation of the project and make more informed decisions.

Overall, Bubblemaps provides us with a powerful tool to help us look beyond the surface and gain deeper insights into the internal workings of DAO projects. In the Web3 era, this transparency and insight are crucial for building a truly decentralized ecosystem.