🔴 DeFi is considered not sufficiently decentralized according to a working paper from the European Central Bank.

This document assesses governance mechanisms in decentralized finance (DeFi) aimed at regulating and supervising this sector.
Their finding: “We observe that governance token holders of four protocols (Aave, MakerDAO, Ampleforth, Uniswap) are highly concentrated, with about half or more of the holdings linked to the protocols themselves or to exchanges.”
The problem is, their data is from 2022 and 2023.
For Aave, just on Ethereum, Etherscan records 192,115 holder addresses.
On Base, there are 139,000 addresses recorded.