Today I looked at a DAO's voting proposal, superficially about "optimizing incentives," but in reality it's about turnover: who can propose, who can execute, who can get the budget, the power structure is hidden in a few parameters. To put it simply, voting isn't about right or wrong; it's about who can more easily gain influence and cash flow afterward. Recently, everyone has been comparing RWA, US bond yields, and on-chain yield products, but I'm more concerned about: where does the return come from, who guarantees the bottom line, who makes the call if something goes wrong... These are often written very vaguely in proposals. I'm tired but still here; after watching the mempool a lot, I understand—when incentives change, slippage and sentiment follow. That's all for now.