  In this paper, we analyze various Decentralized Finance (DeFi) protocols in
terms of their token distributions. We propose an iterative mapping process
that allows us to split aggregate token holdings from custodial and escrow
contracts and assign them to their economic beneficiaries. This method accounts
for liquidity-, lending-, and staking-pools, as well as token wrappers, and can
be used to break down token holdings, even for high nesting levels. We compute
individual address balances for several snapshots and analyze intertemporal
distribution changes. In addition, we study reallocation and protocol usage
data, and propose a proxy for measuring token dependencies and ecosystem
integration. The paper offers new insights on DeFi interoperability as well as
token ownership distribution and may serve as a foundation for further
research.
