Blockchain-based systems are frequently governed through tokens that grant their holders voting rights over core protocol functions and funds. The centralisation occurring in Decentralised Finance (DeFi) protocols' token-based voting systems is typically analysed by examining token holdings' distribution across addresses. In this paper, we expand this perspective by exploring shared token holdings of addresses across multiple DeFi protocols. We construct a Statistically Validated Network (SVN) based on shared governance token holdings among addresses. Using the links within the SVN, we identify influential addresses that shape these connections and we conduct a post-hoc analysis to examine their characteristics and behaviour. Our findings reveal persistent influential links over time, predominantly involving addresses associated with institutional investors who maintain significant token supplies across the sampled protocols. Finally, we observe that token holding patterns and concentrations tend to shift in response to speculative market cycles.

翻译：基于区块链的系统通常通过代币进行治理，这些代币赋予持有者对核心协议功能和资金的投票权。对于去中心化金融（DeFi）协议基于代币的投票系统中出现的中心化问题，现有研究通常通过分析代币在地址间的分布情况来探讨。本文通过探究地址在多个DeFi协议间的共享代币持有情况，拓展了这一视角。我们基于地址间共享的治理代币持有构建了一个统计验证网络（SVN）。利用SVN中的链接，我们识别出塑造这些连接的有影响力地址，并进行了事后分析以考察其特征与行为。我们的研究结果表明，存在持续性的影响力链接，这些链接主要涉及与机构投资者相关的地址，这些投资者在所采样的协议中保持着大量的代币供应。最后，我们观察到代币持有模式和集中度倾向于随着投机性市场周期而变动。