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How does governance work for individual tokens on ethereum?

Etherum Reddit

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What the title said. How does governance work for the individual tokens created on ethereum? With ethereum, an EIP must be adopted by the majority for an update to ethereum to occur. Can the creators of a token decide to change aspects like supply, burn rate, etc or is there some sort of consensus mechanism at the token level so the community of the token can vote on the change?

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