Looking at DAO proposals can sometimes be more exhausting than analyzing K-line charts... On the surface, it's all about "making the ecosystem better," but once you get to the incentive section, you can smell the underlying motives: who gets the subsidies, how voting rights are distributed, who holds the execution power. Essentially, it's a shift in the power structure. Recently, everyone has been watching large on-chain transfers and unusual movements in exchange hot and cold wallets, interpreting them as "smart money" moves. I tend to check whether the related addresses are involved in governance or have delegated their votes to a fixed group of people. Capital flow is like a whirlpool of tea leaves; after a turn, it always settles at the bottom of a few cups. No matter how beautifully a proposal is written, it can't hide this truth. Anyway, before I vote, I always ask myself: Is this incentive for the users, or for a small circle?