At first glance, we would assume that MinnowDAO is more decentralized than WhaleDAO. However, this conclusion does not take into account who controls these wallets in the first place. For example, suppose in MinnowDAO 70 of those wallets are owned by one whale, i.e. the same person or group. Then MinnowDAO would actually be more centralized than WhaleDAO, with one person controlling 70% of the voting rights.
