It can be solved. For example: assign peers for videos with lower number of peers instead of assigning peers for currently watching video. Please correct me, if I’m wrong.
Well, there's PeerTube, which is federated. I guess it's not decentralized, but there's no single central server, so it probably meets your requirements.
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[ 3.6 ms ] story [ 23.0 ms ] threadPerformance would degrade for less popular videos.