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BTCFi's "Governance Imbalance": Is the @BitlayerLabs BTR Voting a Democracy or Oligarchic Game? Bitlayer claims that BTR governance grants the community control over BTCFi, but is the power distribution merely an oligarchic game? In August 2025, BTR public fundraising raised $5 million, with 100,000 users participating in the voting, optimizing Rollup speed to 0.5 seconds, and a TVL of $200 million. Users generate YBTC to participate in Base's NFT trading, growing by 30%. BitVM2 and F2Pool ensure verification efficiency at 99.9%, with fees below $5. However, governance voting shows that large holders control 70% of proposals, while the participation of small and medium-sized users is only 15%, exacerbating community division. The BTCFI Carnival prize pool is $1.2 million, rewarding 5.15 million BTR, with active addresses increasing by 118%, but unfair distribution has sparked controversy. The $25 million funding in 2024 supports DAO development, with plans to achieve complete decentralization by 2026. Bitlayer needs to enhance voting fairness, and YBTC promotes the popularization of BTCFi, but the oligarchic tendency due to governance imbalance may weaken community cohesion, and #Bitlayer requires a more transparent mechanism to maintain the democratic narrative.