Recently, reviewing DAO proposals feels a bit like checking takeaway coupon rules late at night: on the surface, it says "optimizing governance," but in reality, it's about who can press the button, and who gets rewards after pressing it. To put it simply, voting isn't "everyone deciding together"; it's more like embedding incentives into the process, making it easy for you to pick a side—whether you vote or not is all part of the design.

These days, I also saw someone comparing RWA, the yield on U.S. bonds, and on-chain yield products all together, which made me even more cautious: the more the returns seem "obvious," the more likely the proposal is to conveniently lock in power—like who can issue, who can exempt, who can know first. Anyway, before I vote, I check two things: where the money comes from and who holds the keys… the rest is just bedtime stories.

But maybe I'm just too lazy and overly suspicious. How do you usually spot that "power flavor" in proposals?