Governance token concentration (Gini)
Uniswap (v2 + v3)'s assessment for RD-F-047 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
V2: no governance token. V3: UNI has known concentration — a16z holds ~55M UNI (~5.5% supply), sufficient for independent quorum (40M). Binance delegated 13.2M (second-largest voter). Top-5 holders control substantial share. Gini likely >0.80. Combined: yellow.
Detail #
UNI token concentration: a16z holds approximately 55M UNI across controlled wallets (~5.5% of 1B supply), sufficient to achieve the 40M UNI quorum independently without any other voter. Binance has delegated 13.2M UNI (second-largest delegated voter). The Feb 2023 Uniswap BNB chain governance vote highlighted that a16z exercised independent governance power sufficient to determine proposal outcome. Top-5 holders likely control >30-40% of effective voting power. Gini coefficient estimated >0.80 based on known distribution (not computed from current Etherscan snapshot — medium confidence). Despite concentration risk, the checkpoint system (RD-F-036 green) prevents flash-loan exploitation of this concentration.
Sources #
- URLBlockworks — Binance Uniswap votingBlockworks: Binance 13.2M UNI delegated — second-largest voterretrieved 2026-05-12
- CoinDesk — Uniswap governance concentrationCoinDesk: a16z top voter, 55M UNI, cluster-controlled 4.15% for independent quorumretrieved 2026-04-29
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 →