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Understanding Blockchain Governance: Analyzing Decentralized Voting to Amend DeFi Smart Contracts. (arXiv:2305.17655v2 [cs.CR] UPDATED)
cs.CR updates on arXiv.org arxiv.org
Governance protocols define the means for amending or changing smart
contracts without any centralized authority. They distribute the
decision-making power to every user of the smart contract: Users vote on
accepting or rejecting every change. In this work, we review and characterize
decentralized governance in practice, using Compound and Uniswap -- two widely
used governance protocols -- as a case study. We reveal a high concentration of
voting power in both Compound and Uniswap: 10 voters hold together 57.86% and …
authority blockchain change changing contract contracts decentralized decision defi governance making power practice protocols review smart smart contract smart contracts understanding vote voting work