欧央行研究显示四大 DeFi 协议治理权高度集中,前 100 名持有者控制超 80% 代币

AAVE-1,76%
FORTH-10,54%
UNI-2,52%

Gate News 消息,3 月 27 日,欧洲中央银行(ECB)发布第 3208 号工作论文,对 Aave、MakerDAO、Ampleforth 和 Uniswap 的研究显示,DeFi 协议治理权呈现高度中心化特征,前 100 名代币持有者控制了超过 80% 的代币供应。其中,Aave 和 Uniswap 的前 5 名地址控制了近 50% 的份额。报告指出,大量治理代币由协议自身金库、开发团队或交易所持有,某 CEX 在各协议中的持仓占比在 2% 至 15% 之间。此外,顶级投票者多为受托代理人,且约三分之一的代理人身份无法通过公开数据识别。研究结论认为,这种权力集中与身份隐匿特征挑战了去中心化主张,导致监管机构难以确定问责主体,可能使其无法满足 MiCA(欧盟加密资产市场监管法规)等法规下的「完全去中心化」豁免条件。

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