A decade ago, crypto foundations like Ethereum's were hailed as the gold standard for decentralized governance. Now, they're increasingly seen as bloated, opaque, and ineffective. In this analysis, I examine why foundations—once the backbone of Web3 projects—are failing to deliver on their promises. From Arbitrum's unauthorized fund transfers to Kujira's treasury mismanagement, the cracks in this model are undeniable. Are we witnessing the end of an era?