Market briefDF-2026-0363
Governance participation keeps falling
Risk parameters are increasingly set by a handful of addresses.
4.1%▼ −1.3ppmedian turnout on parameter votes
5 minDecentralised Finance
Turnout on routine parameter changes now sits low enough that a small number of delegates decide outcomes. This is efficient and concentrates a form of control that most risk disclosures describe as distributed.
Whether that matters depends entirely on what those parameters can do, which varies enormously between protocols.