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Novel blockchain technology provides the infrastructure layer for thecreation of decentralized appli-cations. A rapidly growing ecosystem ofapplications is built around financial services, commonly referred to asdecentralized finance. Whereas the intangible concept of decentralization ispresented as a key driver for the applications, defining and measuringdecentralization is multifaceted. This pa-per provides a framework to quantifydecentralization of governance power among blockchain appli-cations. Governanceof the applications is increasingly important and requires striking a balancebe-tween broad distribution, fostering user activity, and financial incentives.Therefore, we aggregate, parse, and analyze empirical data of four financeapplications calculating coefficients for the statistical dispersion of thegovernance token distribution. The gauges potentially support IS scholars foran objective evaluation of the capabilities and limitations of token governanceand for fast iteration in design-driven governance mechanisms.

How Decentralized is the Governance of Blockchain-based Finance: Empirical Evidence from four Governance Token Distributions