According to @LexSokolin, many Web3 protocols marketed as decentralized or permissionless still rely on core team-controlled upgrades and admin keys, creating a control mismatch that traders should not ignore, source: @LexSokolin. From a trading perspective, this highlights elevated governance and smart-contract control risk for tokens tied to protocols with upgradable contracts or retained admin keys, warranting stricter risk premiums, tighter position sizing, and scrutiny of upgrade/admin-key disclosures and timelocks, source: @LexSokolin. Use this as a qualitative red flag to prioritize due diligence on upgradeability, admin-key custody, multisig thresholds, and emergency pause powers before taking exposure, as prompted by the source’s warning on centralization in purportedly permissionless systems, source: @LexSokolin.