Explain the Concept of ‘Voter Apathy’ in DeFi Governance and Its Connection to Token Concentration

Voter apathy is the phenomenon where token holders choose not to participate in governance votes. It is exacerbated by high token concentration because small holders perceive their vote as insignificant compared to the large treasury or whale holdings.

This leads to low participation rates, which allows a small, active minority to control the protocol's direction, further centralizing effective governance power.