The report from the Alternative Finance Research Center of Cambridge University shows that through the study of the development of DeFi since 2018, it was found that there is a high concentration issue in the governance of Decentralized Autonomous Organizations (DAOs), with the Gini coefficient of governance tokens in the top ten DAOs reaching as high as 0.97 to 0.99, close to South Africa's 0.63, which is among the most unequal countries in the world. The report points out that although DAOs are seen as an innovative model for fair governance in blockchain applications, in practice, a large amount of governance power is held by a small number of large token holders. Additionally, the report emphasizes that the decentralization of DAOs is not only limited by token distribution but also faces issues where some core decisions are made privately by the founding team. (DLNews)