Lately, watching governance voting feels more and more like practicing writing "proxy forms": tokens are said to give everyone one vote, but in the end, a few people holding those few proxy votes write the conclusion in advance. No matter how beautiful the proposal is, how the on-chain income and buyback switches are allocated, just asking "who are the beneficiaries" can basically wrap it up... I don't make a big fuss either, but when the chart is pulled up, who votes for whom, who takes the cash flow—it's quite straightforward.

By the way, on the trading side, when the funding rate hits an extreme, the group starts arguing again about whether to reverse or continue squeezing the bubble. I now see more as doing "practice": the moment I want to chase or bet, I pause first, don’t treat emotions as signals. To put it simply, whether governance tokens are effective or not often depends on whether you're an holder or a passive liquidity provider... Anyway, first finish looking at the data you need to see before acting impulsively.