# Analyzing Voting Power in Decentralized Governance: Who controls DAOs?

arXiv: https://arxiv.org/abs/2204.01176 · HTML: https://mlsanity.com/paper/2204.01176/

## Key facts

- Cited by 2 papers in the map (data through 14 Oct 2026).
- First posted on arXiv 3 Apr 2022.

## Built on by (most cited first, 2 of 2)

- [Can Blockchains Reliably Train Machine Learning Models?](https://mlsanity.com/paper/2307.07066/) (2023)
- [Trust Without Trusting: A Recomputable Trust Protocol for Autonomous Agents](https://mlsanity.com/paper/2605.06738/) (2026)

## Abstract (arXiv)

We empirically study the state of three prominent DAO governance systems on the Ethereum blockchain: Compound, Uniswap and ENS. In particular, we examine how the voting power is distributed in these systems. Using a comprehensive dataset of all governance token holders, delegates, proposals and votes, we analyze who holds the voting rights and how they are used to influence governance decisions.