Study Finds 39 of 48 Major DAOs Concentrated Among Top 10 Holders

Research from the Max Planck Institute for Software Systems and Vrije Universiteit Amsterdam analyzed 48 major Ethereum-based DAOs. The study revealed that in 39 of these DAOs, the top 10 token holders control more than 50% of the voting power, raising concerns about the true decentralization of on-chain governance and vulnerability to governance attacks.