Crypto : The ECB Accuses DeFi of Masking Massive Centralization

The ECB clearly challenges one of the founding narratives of modern crypto. In practice, several major DeFi protocols remain concentrated in the hands of few, especially when looking at actual governance rather than just marketing talk. This is the gist of the working paper published this week, which observes a strong concentration of governance tokens and voting power on Aave, MakerDAO, Ampleforth, and Uniswap.

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