ECB Working Paper No. 3208: A16z Leads Uniswap Voting, 80% Tokens Held by Top 100

An ECB working paper analyzing Aave, MakerDAO (now Sky), Ampleforth, and Uniswap found DeFi governance power concentrated among a small set of holders and delegates, based on snapshots from November 2022 and May 2023. The study says the top 100 holders controlled more than 80% of governance tokens, while about one-third of top voters could not be identified, complicating accountability and regulatory oversight.