A new working paper from the European Central Bank challenges the notion that decentralized autonomous organizations deliver on their promise of distributed governance, finding that token holdings and voting power across four major DeFi protocols are heavily concentrated among a handful of actors. The study examined Aave, MakerDAO, Ampleforth and Uniswap, analyzing the top 100 token holders and top 20 voters for each protocol. #Blockchain #Crypto #DeFi #Regulation https://thedefiant.io/news/research-and-opinion/ecb-study-concludes-defi-daos-aren-t-as-decentralized-as-they-claim