ECB: DeFi governance is extremely concentrated

The European Central Bank (ECB) has published a report pointing out that DeFi governance is extremely concentrated. The report notes that in protocols such as Aave, MakerDAO, and Uniswap, the top 100 addresses hold over 80% of the stake, with a significant portion controlled by the protocols or exchanges themselves. Furthermore, delegated entities dominate voting rights, and approximately one-third of key voters remain unidentified, which creates regulatory challenges. This situation, the report argues, raises questions about the decentralization of DAOs.