ECB paper questions the degree of decentralization of DeFi governance tokens

On March 27, a paper by European Central Bank staff pointed out that the governance tokens of the DeFi protocol are highly centralized, and about half or more of the governance tokens held by Aave, MakerDAO, Ampleforth, and Uniswap are related to the protocol itself or the exchange. Most of the main voting participants are entrusted representatives, and in many cases these representatives cannot be identified or associated with the token holder. The study questions whether DeFiDAO is decentralized enough to be excluded from the MiCA regulatory framework and provide a regulatory reference for policymakers.