DeFi Treasury Market Concentration: Top 5 Managers Control 69%

The headline number matters less than what it implies about governance and liquidity. When a handful of managers hold most DeFi treasury assets, their allocation decisions effectively set market conditions for everyone else, and the sector's claim to decentralization becomes harder to square with that reality. The open question is whether this concentration is a natural phase of a young market or a structural feature that persists as the ecosystem matures.