Someone asked me what to look at when it comes to DAO voting. To put it simply, I first look at how proposals “pay” and how they “distribute power.” Many proposals seem to be about optimizing parameters on the surface, but underneath they’re actually changing the incentive framework: who receives subsidies, who calculates KPIs, and how often the budget is locked.

Then you look at voting power—whether proxy voting/delegation is concentrated in the hands of a few people. Pair that with the recent airdrop season’s points system, and it feels like everyone is competing the way people clock in at work. The stricter the anti–Sybil measures get, the more the task platform starts to look like a filter. In the end, fewer people/things can influence the direction.

High TVL activity doesn’t mean governance is decentralized. After I cast my vote, I usually just go check the on-chain vote distribution and the treasury flow—nothing else. I’m afraid of being “gently” arranged.