Recently, I’ve been looking at some governance votes again, and I found that many votes are “delegated” to a few familiar faces, in other words, no matter how scattered the tokens are, the final decision still ends up concentrated in a few people… It’s a bit like a company meeting, where everyone delegates their voting rights to the most vocal speaker, and then it starts to become oligarchic.

What’s more subtle is that from time to time, large transfers or movements of hot and cold wallets on exchanges appear on the chain, and the group immediately interprets it as “smart money positioning.” But if these “smart money” also conveniently gather votes, who exactly are governance tokens governing? Are they governing the users, or just controlling liquidity and influence… I am now more cautious when voting, preferring to vote less rather than giving away my little rights with a single click.