Replication package: Voting-power concentration and pivotality in DeFi governance — "What Makes a Market Free? Governance Stability, Contestability and Institutional Order"

Replication package for the empirical DeFi governance module of the manuscript "What Makes a Market Free? Governance Stability, Contestability and Institutional Order" (sole author: Craig S. Wright, University of Exeter Business School). Contents: (1) replicate.py — self-contained replication script; the default run recomputes every reported metric and test from the saved raw data and reproduces the manuscript's numbers exactly; --refetch re-pulls live Snapshot data, so numbers may drift as new proposals close. (2) defi_governance_raw_pulled.json — raw data as pulled 2026-05-24 from the Snapshot public GraphQL API: per-proposal scores, scores_total, choices, voter counts, and top voters' voting power and choice; voter addresses were not retained as they are not needed for any reported metric. (3) defi_governance_concentration_data.csv — analysis dataset, one row per proposal, with computed concentration and pivotality metrics. (4) README_replication_v27.md — full documentation of sample construction, metric definitions, hypotheses, reproduced results and limits. Sample: 258 closed single-choice or basic proposals with at least 10 voters across four DeFi governance spaces — Uniswap (129), Convex (64), GMX (46), Compound (19); Balancer excluded (weighted proposal type, outside the single-choice pivotality counterfactual). Headline reproduced results: median top-1 voter share 0.302 (IQR 0.18–0.44); median Nakamoto coefficient 2.5; top-1 share exceeds the equal-power benchmark 1/n in 100% of proposals (Wilcoxon p = 2.27e-44); the largest voter is mechanically decisive in 5/258 proposals overall (1.9%; Wilson 95% CI 0.8–4.5%) and 5/39 contested proposals (12.8%). Decisiveness is a mechanical counterfactual on recorded votes, not a behavioural or causal estimate. Requirements: Python 3, numpy, scipy; requests only for --refetch.Data pulled 2026-05-24 from the Snapshot public GraphQL API (hub.snapshot.org).