Recently, when reviewing project governance proposals, it increasingly feels like watching the craft of "delegated voting": everyone talks about decentralization, but the votes often end up in the wallets of a few familiar faces, and the rest are either too lazy to click or simply can't understand. Thinking about it later, it's quite funny—who exactly does governance tokens really govern... Maybe it's us, the ones who think we have a sense of participation. Outside, people are still interpreting ETF fund flows, U.S. stock risk appetite, and crypto price movements together; I can also be influenced by the rhythm, but on the chain, the true determinants of direction are often not emotions but those few delegated chains. As someone more interested in art-like collectibles, I care more about small matters like royalties and liquidity: if the holder structure becomes more concentrated, no matter how perfect the proposal passes, it always feels like a few pieces are missing from the collage. For now, I'll keep observing.