Governance token concentration (Gini)
Balancer (v2 + v3)'s assessment for RD-F-047 — scored red on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Aura Finance controls approximately 68% of all veBAL, making it the dominant meta-governance protocol. Balancer co-founder Fernando Martinelli cited this in the March 2026 Labs wind-down announcement as veBAL being 'captured by meta-governance protocols like Aura and bribe markets that made voting unrepresentative of actual Balancer front line contributors.' Top-3 holders (Aura + bribe-market accumulation) control a majority of effective governance power. veBAL is the operative governance token for Snapshot votes.
Sources #
- URLAbandoning Inflation, Abolishing veBAL — OdailyAura Finance controls 68% of veBAL — Odaily analysisretrieved 2026-05-05
- Balancer Labs Will Shut Down — CoinDeskLabs wind-down — co-founder quote on veBAL capture by meta-governance protocolsretrieved 2026-05-05
Methodology #
Compute the Gini coefficient of governance token holdings across the top-1000 holder addresses.
See the full factor methodology and distribution across all protocols →