ECB March 2026 paper says 100 wallets hold 80%+ of DeFi tokens, raising governance concerns

DeFi governance appears increasingly concentrated, with an ECB March 2026 paper stating the top 100 holders control over 80% of tokens across major protocols. The report also says delegation can amplify influence, with 10–20 voters controlling up to 96% of delegated power, while participation stays around 4–12%. The dynamic is prompting markets to reassess DAO token valuations and may increase regulatory exposure as identifiable control points emerge.