Recently, as I watch governance voting, it increasingly looks like "delegated voting = handing the keyboard over to a few people," in other words, governance tokens don't control the protocol, they control the flow of voting rights. Many people hold tokens but are too lazy to vote; a simple delegation, and in the end, only a few large addresses are left nodding at each other. Oligarchic tendencies are quite natural.

The "signal" I’m currently watching is rather simple: when a new proposal comes out, is the delegated voting power again concentrated in the same few addresses, and is it always impossible to gather enough opposition votes? Attention shifts similarly—memes, celebrities shout, and everyone rushes in; veteran players advise newcomers not to take the final step... But governance is more covert, it’s about the "silent final vote." I prefer low-frequency dollar-cost averaging; if I can vote myself, I will, at least not bundle the choice and hand it over altogether.