Prime 100 Holders Management 80% of DeFi Governance Tokens, ECB Research Finds
The working paper, ECB Working Paper No. 3208, examined governance information from 4 protocols, Aave, MakerDAO (now rebranded as Sky), Ampleforth, and Uniswap, throughout two snapshots in time: November 2022 and Might 2023. The protocols had been chosen for his or her measurement and illustration of various decentralized finance (DeFi) exercise classes, collectively holding roughly 32% of whole worth locked on Ethereum on the time of information assortment.
Token focus figures had been stark. ECB researchers state that the highest 100 holders throughout all 4 protocols managed greater than 80% of the governance token provide. For Aave and Uniswap, the highest 5 holders alone captured practically half of all tokens. Ampleforth was extra concentrated nonetheless, with the highest 5 controlling near 60%.
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