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As a crypto analyst with a decade in blockchain governance, I've watched foundations evolve from gold standards to governance nightmares. This piece dissects how Ethereum's pioneering model spawned structural flaws—from Arbitrum's rogue treasury moves to Tezos' power struggles—and why a16z predicts their inevitable decline. Data reveals 72% of foundation-led tokens underperform, while Labs-backed projects surge. Time to rethink "decentralized" dogma?