Comparative Analysis of Governance Power Decentralization in DAOs

Analyses DAO governance power using decentralization and inequality metrics.

This report analyses the decentralization of governance power across leading Decentralized Autonomous Organizations (DAOs) from January 2022 to January 2025. Using the Nakamoto Coefficient and Theil Index, it evaluates governance token distribution and voting power inequality. The findings reveal diverse decentralization profiles, with projects like Yearn. Finance demonstrating broad participation, while others such as Uniswap and UMA exhibit persistent concentration. This multidimensional analysis offers essential insights for researchers, investors, and policymakers assessing DAO governance models and decentralization trends in the evolving Web3 ecosystem.