Not at TGE. The most successful governance transitions follow a model of progressive decentralization — launching with a core team that retains decision-making authority, then gradually transferring specific functions to token holders as the community demonstrates the capacity to govern them.

Optimism's Seasons model is instructive: governance scope expands in defined phases, with each phase unlocking new responsibilities only after the previous phase has been stress-tested.

The principle is straightforward: decentralize at the speed of competence, not at the speed of marketing pressure. Premature decentralization leads to governance capture, decision paralysis, and the inability to respond quickly to exploits or market conditions. A foundation or core team that retains emergency powers during the first 12-18 months is not a failure of decentralization — it is a prerequisite for eventual decentralization that actually works.