Decentralized finance (DeFi) aims to build an open financial system and enable token holders to vote on protocol changes. Compound, a leading DeFi lending protocol, uses the governance token COMP for on-chain voting. While COMP holders can vote directly, Compound also allows delegation where token holders assign their votes to other addresses.

This analysis and accompanying governance analytics dashboard examines trends in voting participation and decentralization in Compound governance from 2020-2023. Key insights include:

This is the January update to the ongoing on-/off-chain Uniswap analysis.  An archive of related work is provided below:

This is the November update to the ongoing on-/off-chain Uniswap analysis.  An archive of related work is provided below:

This post explores Uniswap delegation data to assess whether delegation is a contributing factor to the levels of concentration/decentralization observed in on-/off-chain voting on Uniswap governance proposals.

This is the first monthly update to our initial on-/off-chain Uniswap analysis released in August. You can access the August article, including an introduction and definition of the metrics analyzed, at this link.

This analysis is a supplement to an accompanying dashboard analyzing Uniswap on-chain and off-chain (Snapshot) voting participation and distribution data.