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BCH $462.70 +4.30%
LINK $9.40 +0.37%
HYPE $40.98 +3.88%
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decent

first_img Fan Wenzhong, Executive Director of the China Financial Society: We are at a moment when money shops and bill houses are transitioning to modern banking, and the decentralized intelligent agent economy will reshape the future

ChainCatcher reported live that Fan Wenzhong, Executive Director of the Chinese Financial Society and former Chairman of Beijing Financial Holdings Group, delivered a keynote speech at the 2026 Hong Kong Web3 Carnival. He pointed out that we are currently at a historical turning point similar to the transition from pawnshops to modern banking, where AI is an advanced productive force in the physical world, and Web3 represents a new type of production relationship in the digital world. The integration of the two will give rise to a Decentralized Agent Economy (DAE).He analyzed that AI Agents have execution capabilities but lack independent identity, accounts, and trust mechanisms, while Web3 addresses these pain points through smart contracts, on-chain identities, and programmable currencies; conversely, AI Agents significantly lower the barriers to using Web3. He proposed that DAE has four major characteristics: agent sovereignty and 24/7 operation, high-frequency atomic exchanges, a collaboration mechanism based on technological trust rather than moral or legal frameworks, and the organizational evolution from companies to DAOs and then to Decentralized AI Companies (DACs).He warned that this transformation will impact the labor market, with white-collar workers being replaced before blue-collar workers. AI quantitative funds have already achieved returns far exceeding those of retail investors, and he suggested that the government proactively advance social security reforms. Finally, he recommended that Hong Kong develop a self-controllable high-performance public chain, pilot limited digital persona registrations, attract Web3+AI composite talents, establish a digital finance industry fund, and promote collaborative innovation between the Hong Kong dollar stablecoin and digital renminbi.

European Central Bank document questions whether DeFi DAOs are sufficiently decentralized

On March 26, the European Central Bank published a working paper studying the governance concentration of four major DeFi protocols: Aave, MakerDAO, Ampleforth, and Uniswap.The paper, based on holding snapshot data from November 2022 and May 2023, found that although governance tokens are distributed across tens of thousands of addresses, the top 100 holders in each protocol control over 80% of the supply, and a large number of governance tokens can be linked to the protocols themselves or centralized and decentralized exchanges, with Binance being the largest identified centralized exchange holder among the four protocols.In terms of voting participation, the paper noted that actual voters are mainly representatives who obtain proxy voting rights from small holders. The top 20 voters in Ampleforth control 96% of the proxy voting rights, the top 10 voters in MakerDAO hold 66%, and the top 18 voters in Uniswap hold 52%. About one-third of the main voters cannot be publicly identified.The paper argues that these findings challenge the assumption of inherent decentralization in DAOs, making it more difficult to determine regulatory anchors under the EU MiCA framework. MiCA currently excludes "fully decentralized" services from its scope. The paper also points out that it is impossible to determine from public data whether the holdings associated with the protocols belong to founders, developers, or treasuries, nor can it be determined whether exchange wallets are voting on behalf of themselves or their clients. The paper represents the authors' views and does not represent the official position of the European Central Bank.
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