Da Hongfei, co-founder of Neo, has unveiled a comprehensive plan to overhaul the Neo Foundation's governance structure, which currently holds approximately $461 million in assets. This proposal comes after a prolonged deadlock with fellow co-founder Erik Zhang, which has left the network in a state of paralysis. Hongfei's plan aims to replace the informal, founder-driven governance model that has characterized Neo's first decade. Key elements of the proposal include relocating the foundation to the Cayman Islands, forming a five-member board, and appointing an independent supervisor to oversee compliance with bylaws. Additionally, the plan proposes a 24-month ban on either founder serving on the board or supervisory body. This restructuring is seen as a crucial step in addressing governance challenges faced by older blockchain networks and aims to enhance transparency by implementing mandatory annual financial reports and on-chain attestations for large transactions. However, Zhang has voiced skepticism, arguing that the proposal does not sufficiently address transparency issues and may undermine technical oversight. The governance challenges faced by Neo reflect broader issues within decentralized finance, where similar disputes are prevalent.