Someone asked me, who exactly is being "governed" by governance tokens. Honestly, most of the time, it's about managing retail investors' anxiety: you think you're voting, but you're actually delegating your vote to a few big accounts, and in the end, it just becomes about reading their moods... Oligarchization isn't surprising; the busier and lazier people get, the more centralized it becomes.

Recently, the testnet incentives and point expectations have been quite heated, with everyone guessing whether the mainnet will issue tokens every day. To me, it looks more like: people are just boosting participation for airdrops; when it comes to critical proposals, few actually read them. Anyway, my own rule is: if I don't understand a proposal, I won't delegate; I’d rather abstain. The profit expectations are just that—expectations. Governance shouldn't be treated as a decorative element for speculation. That's all for now.