Decentralized Autonomous Organization (DAO) provides a decentralized governance solution through blockchain, where decision-making process relies on on-chain voting and follows majority rule. This paper focuses on MakerDAO, and we find five voter coalitions after applying clustering algorithm to voting history. The emergence of a dominant voter coalition is a signal of governance centralization in DAO, and voter coalitions have complicated influence on Maker protocol, which is governed by MakerDAO. This paper presents empirical evidence of multicoalition democracy in DAO and further contributes to the contemporary debate on whether decentralized governance is possible.

翻译：去中心化自治组织（DAO）通过区块链提供了一种去中心化的治理方案，其决策过程依赖于链上投票并遵循多数决原则。本文聚焦于MakerDAO，在对投票历史应用聚类算法后，我们发现了五个选民联盟。主导性选民联盟的出现是DAO治理中心化的信号，并且选民联盟对由MakerDAO治理的Maker协议产生了复杂的影响。本文提供了DAO中多联盟民主的实证证据，并进一步为关于去中心化治理是否可行的当代辩论做出了贡献。