As we all know, on December 6th, the staker community exercised its bitocratic sovereignty with unprecedented participation. Sacro introduced SIP 85, seeking agreement on the distribution of 10% of the BOS token. After opening a forum debate and observing the various interests involved, he presented his consensus proposal.
It was one of the most highly participated votes, with more than 150 addresses taking part, both delegated and non-delegated. Of these, nearly 90% voted in favor, but it was not enough to reach the required 70% voting power, and the proposal was rejected.
What might seem like a grand bitocratic event actually reveals, in my opinion, a significant demonstration of plutocracy. Much like in large corporations, where the votes of a few outweigh those of the vast majority, this was perfectly mirrored in Sovryn.
This is unprecedented because, until now, the interests of minorities in Sovryn had always aligned with the objectives of the majority, and vice versa. For the first time, a handful of wallets has defeated an entire community aligned behind a consensus proposal.
It is also the first time that Sovryn’s leadership has remained on the sidelines, disengaged from the debate and the outcome of the proposal.
This abandonment of the community translates into the bitterest victory of Sovryn’s Bitocracy. It is the victory of the few, the victory of secret agreements, the victory of conflicts of interest, and the victory of absent leaders.