[en] Ethereum's public distributed ledger can issue tokenised voting rights that are tradable on crypto-asset exchanges by potentially anyone. Ethereum thus enables global, unincorporated associations to conduct governance experiments. Such experiments are crucial to Decentralised Finance (DeFi). DeFi is a nascent field of unlicensed, unregulated, and non-custodial financial services that utilise public distributed ledgers and crypto-assets rather than corporate structures and sovereign currencies. The inaugural Bloomberg Galaxy DeFi Index, launched in August 2021, included nine Ethereum-based projects – non-custodial exchanges as well as lending and derivatives platforms. Each project is governed, at least in part, by unregistered holders of tokenised voting rights (also known as governance tokens). Token-holders typically vote for or against coders' improvement proposals that pertain to anything from the allocation of treasury funds to a collateral's risk parameters. DeFi's governance thus depends on the distribution and exercise of tokenised voting rights. Since archetypal DeFi projects are not managed by companies or public institutions, not much is known about DeFi's governance. Regulators and law-makers from the United States recently asked if DeFi's governance entails a new class of “shadowy” elites. In response, we conducted an exploratory, multiple-case study that focused on the tokenised voting rights issued by the nine projects from Bloomberg's inaugural Galaxy DeFi index. Our mixed methods approach drew on Ethereum-based data about the distribution, trading, staking, and delegation of voting rights tokens, as well as project documentation and archival records. We discovered that DeFi projects' voting rights are highly concentrated, and the exercise of these rights is very low. Our theoretical contribution is a philosophical intervention: minority rule, not “democracy”, is the probable outcome of token-tradable voting rights and a lack of applicable anti-concentration laws. We interpret DeFi's minority rule as timocratic.
Centre de recherche :
- Interdisciplinary Centre for Security, Reliability and Trust (SnT) > FINATRAX - Digital Financial Services and Cross-organizational Digital Transformations NCER-FT - FinTech National Centre of Excellence in Research
Disciplines :
Sciences sociales & comportementales, psychologie: Multidisciplinaire, généralités & autres Ingénierie, informatique & technologie: Multidisciplinaire, généralités & autres
Auteur, co-auteur :
BARBEREAU, Tom Josua ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
SMETHURST, Reilly ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
PAPAGEORGIOU, Orestis ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
SEDLMEIR, Johannes ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
FRIDGEN, Gilbert ; University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > FINATRAX
Co-auteurs externes :
no
Langue du document :
Anglais
Titre :
Decentralised Finance's timocratic governance: The distribution and exercise of tokenised voting rights
Date de publication/diffusion :
2023
Titre du périodique :
Technology in Society
ISSN :
0160-791X
Maison d'édition :
Elsevier, Pays-Bas
Volume/Tome :
73
Pagination :
102251
Peer reviewed :
Peer reviewed vérifié par ORBi
Projet FnR :
FNR13342933 - Paypal-fnr Pearl Chair In Digital Financial Services, 2019 (01/01/2020-31/12/2024) - Gilbert Fridgen
Atzori, M., Blockchain Technology and Decentralized Governance: Is the State still Necessary?. J. Govern. Regul. 6 (2017), 45–62, 10.22495/jgr_v6_i1_p5.
Shin, L., The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze. 2022, PublicAffairs.
Tapscott, D., Tapscott, A., Blockchain Revolution: How the Technology behind Bitcoin and other Cryptocurrencies is Changing the World. Penguin. 2018.
Brekke, J.K., Beecroft, K., Pick, F., The Dissensus Protocol: Governing Differences in Online Peer Communities. Front. Hum. Dynam., 3, 2021, 10.3389/fhumd.2021.641731.
Allen, J.G., Bodies without Organs: Law, Economics, and Decentralised Governance. 2021, Stanford Journal of Blockchain Law and Policy https://stanford-jblp.pubpub.org/pub/law-econ-decentralised-governance.
Brennecke, M., Guggenberger, T., Schellinger, B., Urbach, N., The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO. Proceedings of the 55th Hawaii International Conference on System Sciences, 2022, AIS, 6073–6082, 10.24251/HICSS.2022.737.
Ozcan, R., Decentralized Finance. Financial Ecosystem and Strategy in the Digital Era: Global Approaches and New Opportunities, 2021, Springer, 57–75, 10.1007/978-3-030-72624-9_4.
Pandian, K., Pfeiffer, D., Qian, S., Decentralized Finance. The Emerald Handbook on Cryptoassets: Investment Opportunities and Challenges, 2023, Emerald, 141–156, 10.1108/978-1-80455-320-620221010.
Barbereau, T., Smethurst, R., Papageorgiou, O., Rieger, A., Fridgen, G., DeFi, not so Decentralized: The Measured Distribution of Voting Rights. Proceedings of the 55th Hawaii International Conference on System Sciences, 2022, AIS, 6043–6052, 10.24251/HICSS.2022.734.
Sun, X., Stasinakis, C., Decentralization Illusion in DeFi: Evidence from MakerDAO. https://arxiv.org/abs/2203.16612, 2022.
Katona, T., Decentralized Finance: The Possibilities of a Blockchain “Money Lego” System. Financ. Econ. Rev. 20 (2021), 74–102, 10.33893/FER.20.1.74102.
Nadler, M., Schär, F., Decentralized Finance, Centralized Ownership? An Iterative Mapping Process to Measure Protocol Token Distribution. 2020 https://arxiv.org/abs/2012.09306,arXiv:2012.09306.
Qin, K., Zhou, L., Afonin, Y., Lazzaretti, L., Gervais, A., CeFi vs. DeFi — Comparing Centralized to Decentralized Finance. 2021 https://arxiv.org/abs/2106.08157.
Hassan, S., De Filippi, P., Decentralized Autonomous Organization. Internet Policy Re., 10, 2021, 10.14763/2021.2.1556.
Warren, E., Warren Releases Response from SEC Chair Gensler Affirming Need to Regulate Cryptocurrency Exchanges and Protect Investors and Our Financial System. 2021 https://www.warren.senate.gov/newsroom/press-releases/warren-releases-response-from-sec-chair-gensler-affirming-need-to-regulate-cryptocurrency-exchanges-and-protect-investors-and-our-financial-system.
DeCambre, M., Crypto Is Reshaping the World Economy, 50 Years after Nixon Ended the Dollar's Peg to Gold. Here's How Some Are Playing it. 2021 https://www.marketwatch.com/story/nixon-reshaped-the-world-economy-50-years-ago-is-crypto-on-the-brink-of-doing-the-same-now-11628893012.
Force, Financial Action Task, Virtual Assets: Update of FATF Guidance for a Risk-Based Approach to Virtual Assets and VASPs – Sixth Draft – Public Consultation. 2021.
Gensler, G., Remarks before the Aspen Security Forum. 2021 https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03.
Gensler, G., Testimony before the United States Senate Committee on Banking, Housing, and Urban Affairs. 2021 https://www.sec.gov/news/testimony/gensler-2021-09-14.
Brown, S., Toomey, P.J., Walch, A., Brito, J., Belcher, M., Cryptocurrencies: What are they Good for?. 2021 https://www.banking.senate.gov/hearings/cryptocurrencies-what-are-they-good-for.
Warren, E., Warren Urges FSOC to Use Authority to Address Cryptocurrency Market, Protect Consumers, and Mitigate Financial Stability Risks. 2021 https://www.warren.senate.gov/download/fsoc-crypto-letter-07262021.
Emmer, T., Opening Address: Exploring the Risks of Central Bank Digital Currencies. 2023 https://www.cato.org/events/central-bank-digital-currency.
Jensen, J.R., von Wachter, V., Ross, O., How Decentralized is the Governance of Blockchain-Based Finance: Empirical Evidence from Four Governance Token Distributions. 2021 https://arxiv.org/abs/2102.10096,arXiv:2102.10096.
Anker-Sørensen, L., Zetzsche, D.A., From Centralized to Decentralized Finance: The Issue of ‘Fake-DeFi’. 2021 https://ebi-europa.eu/publications/working-paper-series/.
Aramonte, S., Huang, W., Schrimpf, A., DeFi Risks and the Decentralisation Illusion. 2021 https://www.bis.org/publ/qtrpdf/r_qt2112b.pdf.
De Filippi, P., Loveluck, B., The Invisible Politics of Bitcoin: Governance Crisis of a Decentralised Infrastructure. Internet Policy Re., 5, 2016, 10.14763/2016.3.427.
De Filippi, P., Mannan, M., Reijers, W., Blockchain as a Confidence Machine: The Problem of Trust & Challenges of Governance. Technol. Soc., 62, 2020, 101284 10.1016/j.techsoc.2020.101284 https://linkinghub.elsevier.com/retrieve/pii/S0160791X20303067 10.1016/j.techsoc.2020.101284.
DuPont, Q., Experiments in Algorithmic Governance — A History and Ethnography of “The DAO,” a Failed Decentralized Autonomous Organization. Bitcoin and Beyond: Cryptocurrencies, Blockchains and Global Governance, 2017, Routledge, 157–177, 10.4324/9781315211909-8.
Reijers, W., Wuisman, I., Mannan, M., De Filippi, P., Wray, C., Rae-Looi, V., Cubillos Vélez, A., Orgad, L., Now the Code Runs Itself: On-Chain and Off-Chain Governance of Blockchain Technologies. Topoi 40 (2018), 821–831, 10.1007/s11245-018-9626-5.
Eisenhardt, K.M., Building Theories from Case Study Research. Acad. Manag. Rev., 14, 1989, 20, 10.5465/amr.1989.4308385.
Eisenhardt, K.M., Graebner, M.E., Theory Building from Cases: Opportunities and Challenges. Acad. Manag. J. 50 (2007), 25–32, 10.5465/amj.2007.24160888.
Yin, R.K., Case Study Research and Applications: Design and Methods. sixth ed., 2018, Sage.
Brooke, C., Critical Research in Information Systems: Issue 1. J. Inf. Technol. 17 (2002), 45–47, 10.1080/02683960210154139.
Howcroft, D., Trauth, E.M., Choosing Critical IS Research. Howcroft, D., Trauth, E.M., (eds.) Handbook of Critical Information Systems Research: Theory and Application, 2005, Edward Elgar, 1–15, 10.4337/9781845426743.00007.
Stahl, B.C., Information Systems: Critical Perspectives. 2008, Routledge.
Becker, K., Blockchain Matters – Lex Cryptographia and the Displacement of Legal Symbolics and Imaginaries. Law and Critique. 2022, 10.1007/s10978-021-09317-8.
Bodó, B., Brekke, J.K., Hoepman, J.H., Decentralisation: A Multidisciplinary Perspective. Internet Policy Re. 10 (2021), 1–21, 10.14763/2021.2.1563.
Hassan, N.R., Mingers, J., Stahl, B., Philosophy and Information Systems: Where are We and Where should we Go?. Eur. J. Inf. Syst. 27 (2018), 263–277, 10.1080/0960085X.2018.1470776.
Rowe, F., Being Critical is Good, but Better with Philosophy! From Digital Transformation and Values to the Future of IS Research. Eur. J. Inf. Syst. 27 (2018), 380–393, 10.1080/0960085X.2018.1471789.
Ferrari, G.R.F., (eds.) Plato: The Republic, 2000, Cambridge University Press.
Morrison, R., Mazey, N.C.H.L., Wingreen, S.C., The DAO Controversy: The Case for a New Species of Corporate Governance?. Front. Blockchain, 3, 2020, 10.3389/fbloc.2020.00025.
Davidson, S., De Filippi, P., Potts, J., Blockchains and the Economic Institutions of Capitalism. J. Inst. Econ. 14 (2018), 639–658, 10.1017/S1744137417000200.
Rozas, D., Tenorio-Fornés, A., Díaz-Molina, S., Hassan, S., When Ostrom Meets Blockchain: Exploring the Potentials of Blockchain for Commons Governance. Sage Open, 11, 2021, 10.1177/2158244021100252.
Santana, C., Albareda, L., Blockchain and the Emergence of Decentralized Autonomous Organizations (DAOs): An Integrative Model and Research Agenda. Technol. Forecast. Soc. Change, 182, 2022, 10.1016/j.techfore.2022.121806.
Vergne, J.P., Decentralized vs. Distributed Organization: Blockchain, Machine Learning and the Future of the Digital Platform. Organ. Theor., 1, 2020, 10.1177/2631787720977052.
Dylan-Ennis, P., Kavanagh, D., Araujo, L., The Dynamic Imaginaries of the Ethereum Project. Econ. Soc. 52 (2023), 87–109, 10.1080/03085147.2022.2131280.
Buterin, V., The Meaning of Decentralization. 2017 https://medium.com/@VitalikButerin/the-meaning-of-decentralization-a0c92b76a274.
Schneider, N., Decentralization: An Incomplete Ambition. J. Cult. Econ. 12 (2019), 265–285, 10.1080/17530350.2019.1589553.
Gochhayat, S.P., Shetty, S., Mukkamala, R., Foytik, P., Kamhoua, G.A., Njilla, L., Measuring Decentrality in Blockchain Based Systems. IEEE Access 8 (2020), 178372–178390, 10.1109/ACCESS.2020.3026577.
Kostakis, V., Giotitsas, C., The (a)political economy of Bitcoin. tripleC, 12, 2014, 10.31269/triplec.v12i2.606.
Nagarajan, S., Bitcoin hit the $1 trillion market cap milestone twice as fast as Amazon and three times faster than Apple, data shows. https://www.businessinsider.in/stock-market/news/bitcoin-hit-the-1-trillion-market-cap-milestone-twice-as-fast-as-amazon-and-three-times-faster-than-apple-data-shows/articleshow/82064390.cms, 2021.
Nakamoto, S., Bitcoin: A Peer-To-Peer Electronic Cash System. 2008 https://bitcoin.org/bitcoin.pdf.
Drummer, D., Neumann, D., Is Code Law? Current Legal and Technical Adoption Issues and Remedies for Blockchain-Enabled Smart Contracts. J. Inf. Technol. 35 (2020), 337–360, 10.1177/0268396220924669.
Nabilou, H., How to Regulate Bitcoin? Decentralized Regulation for a Decentralized Cryptocurrency. Int. J. Law Info Technol., 27, 2019, 31, 10.1093/ijlit/eaz008.
Nabilou, H., Bitcoin Governance as a Decentralized Financial Market Infrastructure. Stanford J. Blockchain Law Policy, 2021 https://stanford-jblp.pubpub.org/pub/bitcoin-governance.
Gupta, M., Gupta, P., Gini Coefficient based Wealth Distribution in the Bitcoin Network: A Case Study. Sharma, R., Mantri, A., Dua, S., (eds.) Computing, Analytics and Networks, vol. 805, 2018, Springer, 192–202, 10.1007/978-981-13-0755-3_15.
Makarov, I., Schoar, A., Blockchain Analysis of the Bitcoin Market. 2021 http://www.nber.org/papers/w29396.
Parkin, J., The Senatorial Governance of Bitcoin: Making (de)centralized Money. Econ. Soc. 48 (2019), 463–487, 10.1080/03085147.2019.1678262.
Ante, L., Smart Contracts on the Blockchain — A Bibliometric Analysis and Review. Telematics Inf., 57, 2021, 101519, 10.1016/j.tele.2020.1015190.
Groce, A., Feist, J., Grieco, G., Colburn, M., What are the Actual Flaws in Important Smart Contracts (and how can we Find Them)?. Bonneau, J., Heninger, N., (eds.) Financial Cryptography and Data Security, 2020, Springer, 634–653, 10.1007/978-3-030-51280-4_34.
Oliva, G.A., Hassan, A.E., Jiang, Z.M., An Exploratory Study of Smart Contracts in the Ethereum Blockchain Platform. Empir. Software Eng. 25 (2020), 1864–1904, 10.1007/s10664-019-09796-5.
Pazaitis, A., De Filippi, P., Kostakis, V., Blockchain and Value Systems in the Sharing Economy: The Illustrative Case of Backfeed. Technol. Forecast. Soc. Change 125 (2017), 105–115, 10.1016/j.techfore.2017.05.025.
Casey, M., Vigna, P., In Blockchain We Trust, vol. 18, 2018, MIT Technology Review https://www.technologyreview.com/2018/04/09/3066/in-blockchain-we-trust/.
Gensler, G., Response from SEC Chair Gensler Affirming Need to Regulate Cryptocurrency Exchanges and Protect Investors and Our Financial System. 2021 https://www.warren.senate.gov/imo/media/doc/gensler_response_to_warren_-_cryptocurrency_exchanges.pdf.
Warren, E., Warren Asks SEC Chair Gensler about Risks Posed by Cryptocurrency Exchanges. 2021 https://www.warren.senate.gov/oversight/letters/warren-asks-sec-chair-gensler-about-risks-posed-by-cryptocurrency-exchanges.
Berkovitz, D.M., Climate Change and Decentralized Finance: New Challenges for the CFTC. 2021 https://www.cftc.gov/PressRoom/SpeechesTestimony/opaberkovitz7.
Oliveira, L., Zavolokina, L., Bauer, I., Schwabe, G., To Token or not to Token: Tools for Understanding Blockchain Tokens. Proceedings of the 39th International Conference of Information Systems, 2018, 1–17.
Klimon, W.M., Beyond the Board: Alternatives in Nonprofit Corporate Governance. Harvard Bus. Law Rev., 9, 2018.
Lin, Q., Li, C., Zhao, X., Chen, X., Measuring Decentralization in Bitcoin and Ethereum using Multiple Metrics and Granularities. 37th International Conference on Data Engineering Workshops, 2021, IEEE, 80–87, 10.1109/ICDEW53142.2021.00022.
Kaplan, B., Duchon, D., Combining Qualitative and Quantitative Methods in Information Systems Research: A Case Study. MIS Q., 12, 1988, 571, 10.2307/249133.
Myers, M.D., Newman, M., The Qualitative Interview in IS Research: Examining the Craft. Inf. Organ. 17 (2007), 2–26, 10.1016/j.infoandorg.2006.11.001.
Schirrmacher, N.B., Jensen, J.R., Avital, M., Token-Centric Work Practices in Fluid Organizations: The Cases of Yearn and MakerDAO. Proceedings of the 42nd International Conference on Information Systems, 2021, 1–17.
Gable, G.G., Integrating Case Study and Survey Research Methods: An Example in Information Systems. Eur. J. Inf. Syst., 3, 1994, 15, 10.1057/ejis.1994.12.
de Azevedo Sousa, J.E., Oliveira, V., Valadares, J., Dias Goncalves, G., Moraes Villela, S., Soares Bernardino, H., Borges Vieira, A., An Analysis of the Fees and Pending Time Correlation in Ethereum. Int. J. Netw. Manag., 31, 2021, e2113, 10.1002/nem.2113.
Sovbetov, Y., Factors Influencing Cryptocurrency Prices: Evidence from Bitcoin, Ethereum, Dash, Litecoin, and Monero. J. Econ. Financ. Anal., 2, 2018 https://ojs.tripaledu.com/index.php/jefa/article/view/360.
Spain, M., Foley, S., Gramoli, V., The Impact of Ethereum Throughput and Fees on Transaction Latency during ICOs. International Conference on Blockchain Economics, Security and Protocols, 2020, 9:1–9:15, 10.4230/OASIcs.Tokenomics.2019.9.
Nuzzi, L., Bitcoin Miners Are Escaping China. 2021 https://medium.com/coinmetrics/bitcoin-miners-are-escaping-china-d3937e8f018c.
Babel, K., Daian, P., Kelkar, M., Juels, A., Clockwork Finance: Automated Analysis of Economic Security in Smart Contracts. 2021 http://arxiv.org/abs/2109.04347.
Chan, W., Olmsted, A., Ethereum Transaction Graph Analysis. 12th International Conference for Internet Technology and Secured Transactions, 2017, 498–500, 10.23919/ICITST.2017.8356459.
Xueshuo, X., Jiming, W., Junyi, Y., Yaozheng, F., Ye, L., Tao, L., Guiling, W., AWAP: Adaptive Weighted Attribute Propagation Enhanced Community Detection Model for Bitcoin De-anonymization. Appl. Soft Comput., 109, 2021, 107507, 10.1016/j.asoc.2021.107507.
Daian, P., Goldfeder, S., Kell, T., Li, Y., Zhao, X., Bentov, I., Breidenbach, L., Juels, A., Flash Boys 2.0: Frontrunning in Decentralized Exchanges, Miner Extractable Value, and Consensus Instability. Symposium on Security and Privacy, 2020, IEEE, 910–927, 10.1109/SP40000.2020.00040.
Torres, C.F., Camino, R., State, R., Frontrunner Jones and the Raiders of the Dark Forest: An Empirical Study of Frontrunning on the Ethereum Blockchain. 30th USENIX Security Symposium, 2021, 1343–1359.
Liang, J., Li, L., Zeng, D., Evolutionary Dynamics of Cryptocurrency Transaction Networks: An Empirical Study. PLoS One, 13, 2018, 10.1371/journal.pone.0202202.
Saraph, V., Herlihy, M., An Empirical Study of Speculative Concurrency in Ethereum Smart Contracts. International Conference on Blockchain Economics, 2020, Security and Protocols, 10.4230/OASIcs.Tokenomics.2019.4.
Adams, H., Yesterday Binance Delegated 13M UNI from its Books. 2022 https://twitter.com/haydenzadams/status/1582714218323017729.
Klein, H.K., Myers, M.D., A Set of Principles for Conducting and Evaluating Interpretive Field Studies in Information Systems. MIS Q. 23 (1999), 67–93, 10.2307/249410.
Cha, S.H., Comprehensive Survey on Distance/Similarity Measures between Probability Density. Int. J. Math. Models Methods Appl. Sci., 1, 2007.
Chung, J., Kannappan, P., Ng, C., Sahoo, P., Measures of Distance between Probability Distributions. J. Math. Anal. Appl. 138 (1989), 280–292, 10.1016/0022-247X(89)90335-1.
Dalton, H., The Measurement of the Inequality of Incomes. Econ. J., 30, 1920, 348, 10.2307/2223525.
Kostal, L., Lansky, P., Pokora, O., Measures of Statistical Dispersion based on Shannon and Fisher Information Concepts. Inf. Sci. 235 (2013), 214–223, 10.1016/j.ins.2013.02.023.
Kostal, L., Pokora, O., Nonparametric Estimation of Information-Based Measures of Statistical Dispersion. Entropy 14 (2012), 1221–1233, 10.3390/e14071221.
Liese, F., Vajda, I., On Divergences and Informations in Statistics and Information Theory. IEEE Trans. Inf. Theor. 52 (2006), 4394–4412, 10.1109/TIT.2006.881731.
Freedman, D., Pisani, R., Purves, R., Statistics. fourth ed., 2007, Norton.
Gini, C., Variabilità e mutabilità. 1912.
Graczyk, P.P., Gini Coefficient: A New Way to Express Selectivity of Kinase Inhibitors against a Family of Kinases. J. Med. Chem. 50 (2007), 5773–5779, 10.1021/jm070562u.
Halffman, W., Leydesdorff, L., Is Inequality among Universities Increasing? Gini Coefficients and the Elusive Rise of Elite Universities. Minerva 48 (2010), 55–72, 10.1007/s11024-010-9141-3.
Buterin, V., Against Overuse of the Gini Coefficent. 2021 https://vitalik.ca/general/2021/07/29/gini.html.
Shannon, C.E., A Mathematical Theory of Communication. Bell System Technical Journal 27 (1948), 379–423, 10.1002/j.1538-7305.1948.tb01338.x.
Lin, J., Divergence Measures based on the Shannon Entropy. IEEE Trans. Inf. Theor. 37 (1991), 145–151, 10.1109/18.61115.
Wandmacher, R., Tokenomics. Cryptofinance and Mechanisms of Exchange: The Making of Virtual Currency, 2019, Springer, 113–123.
Wan, C., In a first, MakerDAO protocol to auction MKR tokens to cover $4M bad debt, 2020. https://www.theblock.co/post/58606/in-a-first-makerdao-protocol-to-auction-mkr-tokens-to-cover-4m-bad-debt.
adrienbe, What Was MakerDAO's MKR Initial Supply?. 2019 https://www.reddit.com/r/MakerDAO/comments/apuu9e/what_was_makerdaos_mkr_initial_supply/.
E. Buzziol, M. Clarendon, Democracy Decentralised: Voting, Governance and Transparency, dGen, 2020.
Sun, X., Chen, X., Stasinakis, C., Sermpinis, G., Voter Coalitions and Democracy in Decentralized Finance: Evidence from MakerDAO. 2023, arXiv, 10.48550/ARXIV.2210.11203.
Grover, V., Lyytinen, K., New State of Play in Information Systems Research. MIS Q. 39 (2015), 271–296, 10.25300/MISQ/2015/39.2.01.
OECD. Ownership and Control of Ships., 2003, OECD Directorate for Science, Technology, and Industry Technical Report https://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=DSTI/DOT/MTC(2003)61/REV1&docLanguage=En.
Pacini, C., Stowell, N.F., Panama Papers and the Abuse of Shell Entities. Baker, H.K., Purda-Heeler, L., Saadi, S., (eds.) Corporate Fraud Exposed, 2020, Emerald, 361–382, 10.1108/978-1-78973-417-120201023.
Stastna, K., Anonymous Paper Shares Helped the Wealthy Hide Billions, Panama Papers Show. 2016 https://www.cbc.ca/news/business/panama-papers-bearer-shares-1.3525434.
Does de Willebois, E.v.d., Sharman, J., Harrison, R., Park, J.W., Halter, E., The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and what to Do about it. 2011, World Bank Publications https://documents.worldbank.org/en/publication/documents-reports/documentdetail/784961468152973030/The-puppet-masters-how-the-corrupt-use-legal-structures-to-hide-stolen-assets-and-what-to-do-about-it.
Wiehe, K., Oh, Snap! Do Multi-Class Offerings Signal the Decline of Shareholder Democracy and the Normalization of Founder Primacy?. Va Law Bus. Rev., 12, 2017.
Hayden, G., Bodie, M.T., Shareholder Democracy and the Curious Turn toward Board Primacy. William Mary Law Rev. 51 (2009), 2071–2121.
Hayden, G.M., Bodie, M.T., The Corporation Reborn: From Shareholder Primacy to Shared Governance. Boston Coll. Law Rev. 61 (2020), 2419–2485.
Kamonjoh, E., Controlled Companies in the Standard & Poor's 1500: A Follow-Up Review of Performance and Risk. 2016 https://bpb-us-w2.wpmucdn.com/sites.udel.edu/dist/8/12944/files/2022/08/Controlled-Companies-IRRCI-2015-FINAL-3-16-16.pdf.
V. Pareto,A Treatise on General Sociology, vols. 3–4, Dover, 1963 [1916].
V. Pareto, The Rise and Fall of Elites: An Application of Theoretical Sociology, Routledge, 2017 [1901].
A. Tocqueville, The Ancien Régime and the French Revolution, Penguin, 2008 [1856].
Fordahl, C., Lions and Foxes: Revisiting Pareto's Bestiary for the Age of Late Pluto-Democracy. Distinktion: J. Soc. Theor. 21 (2020), 316–333, 10.1080/1600910X.2020.1752274.
Wieandt, A., Heppding, L., Centralized and Decentralized Finance: Coexistence or Convergence?. Walker, T., Nikbakht, E., Kooli, M., (eds.) The Fintech Disruption: How Financial Innovation is Transforming the Banking Industry, 2023, Springer, 11–51, 10.1007/978-3-031-23069-1_2.
Cronje, A., Time to Retire “Decentralized Finance”. 2021 https://twitter.com/AndreCronjeTech/status/1468273605502980106.
Selkis, R., Crypto Theses for 2022. 2021 https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf.
Warwick, K., Kulechov, S., Chitra, T., Villanueva, W., DeFi: The Future of Finance. 2021 https://www.youtube.com/watch?v=0GoACn1RPGU.
McGing, B., (eds.) Polybius: The Histories, 2010, Oxford University Press.
Kerr, D., Jennings, M., A Legal Framework for Decentralized Autonomous Organizations. 2021 https://a16z.com/wp-content/uploads/2021/10/DAO-Legal-Framework-Jennings-Kerr10.19.21-Final.pdf.
Boiron, M., Legal Framework: Non-U.S. Trusts in Decentralized Autonomous Organizations, 2022. https://dydx.foundation/blog/en/legal-framework-non-us-trusts-in-daos.
Lamb, R.B., Utah Passes Innovative DAO Legislation. 2023 The National Law Review 13 https://www.natlawreview.com/article/utah-passes-innovative-dao-legislation.
Brummer, C., Seira, R., Legal Wrappers and DAOs. 2022, SSRN, 10.2139/ssrn.4123737.
Inoua, S., Beware the Gini Index! A New Inequality Measure. 2021 https://arxiv.org/ftp/arxiv/papers/2110/2110.01741.pdf.
