⁉️ The European Central Bank doubts the decentralization of DAOs

🇪🇺 The decentralized autonomous organization format (DAO) allows them to remain outside the scope of MiCA regulation, but the ECB working paper concluded that the largest DAOs have high concentration and hidden control.

Although governance tokens of the largest DAOs, including Aave, MakerDAO, Ampleforth, and Uniswap, are distributed across tens of thousands of addresses, the top 100 holders control over 80% of the supply in each protocol. And about one-third of the largest voters cannot be publicly identified.

➡️ The working paper is not an official ECB position, but it may influence future regulatory measures.
$AAVE ‌$UNI ‌