Among 6,400 addresses, 9 major holders control half the tokens. The concentration of UMA governance is even more outrageous than I imagined. Where is the promised improvement?

According to Bloomberg, Polymarket's dispute contract rulings have long been dominated by a small number of UMA holders. Over the past three years, about 6,400 addresses participated in voting, with 9 large accounts contributing roughly half of the voting power, almost always favoring the winner in disputes. By April 2026, 230 contracts with a trading volume exceeding $1 billion entered the arbitration process, accounting for less than 1%, but dispute frequency increased with trading scale. Some traders criticized the mechanism for allowing anonymous whales to gain de facto decision-making power driven by economic interests, and Polymarket and Risk Labs' original plans to improve the process have been shelved.