Decentralized Autonomous Organization (DAO) provides a decentralized
governance solution through blockchain, where decision-making process relies on
on-chain voting and follows majority rule. This paper focuses on MakerDAO, and
we find three voter coalitions after applying clustering algorithm to voting
history. The emergence of a dominant voter coalition is a signal of governance
centralization in DAO, and voter coalitions have complicated influence on Maker
protocol, which is governed by MakerDAO. This paper presents empirical evidence
of multicoalition democracy in DAO and further contributes to the contemporary
debate on whether decentralized governance is possible.