Recently, I reviewed the governance records of several protocols again, and the more I look, the more it feels like watching a tide chart: on the surface, it's "everyone votes," but in reality, the flow always converges toward a few addresses. Delegated voting was originally designed to be convenient, but over time it has developed a somewhat oligarchic flavor—tokens are said to be for governance, but in the end, it might just be managing retail investors' emotions: you feel involved, but the outcome is basically predetermined.

What's even more awkward is that recently on-chain discussions are still about miners/validators' income, MEV, and whether transaction ordering is fair. Frankly, both the right to order transactions and voting power are in the hands of "players who know how to game the system," while ordinary users can only pick a representative to trust... and those representatives might be closely tied to certain interests. Anyway, before I vote now, I check the delegation concentration and who's pushing the proposals behind the scenes. If I'm unsure, I hold back and don't just rely on "I voted" as a sense of security.