Devenez Insider

Decentralised protocol or disguised governance? The reality behind crypto projects

Grant Everist

Wednesday, March 5, 2025

Decentralisation is often brandished as a flagship promise of cryptocurrencies: a system with no central authority, where decisions and transactions are distributed among network participants. But in practice, decentralisation is a spectre rather than an absolute state. Very few protocols are completely decentralised and, behind the rhetoric, many projects retain strategic control points.

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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