DeFi governance games: Curve, Uniswap, 1inch

The Block Research, in its recent piece, looked at how the decentralized governance works in the two oldest lending protocols, MakerDAO and Compound. Currently, decentralized governance is still relatively passive and shows signs of centralization, although Compound has made specific steps in the right direction.

Following Compound’s success, many other protocols have launched governance tokens and liquidity mining programs. Additionally, some protocols also decided to make the token distributions fairer. For example, Uniswap added shareholder token vesting and retroactively distributed some UNI tokens to protocol users.