Lately I've been looking at governance in several projects, and the more I look, the more I feel uneasy: they say it's "community decided," but once voting delegation opens, the votes all go to a few big whales/institutions. Everyone just delegates to save trouble, and in the end it turns into a meeting of oligarchs... Who is governance tokens really governing? Honestly, it might be governing the "silent majority." (I myself often get lazy about voting too...)

What's even more subtle is that outside, people constantly use ETF capital flows and U.S. stock market risk appetite to explain crypto price movements, but on-chain proposals and prices are basically two different lines: when the market is lively, governance voting is quiet; when the market dips, everyone is even lazier to care. Anyway, I now prefer to quietly stake in some niche privacy/storage tracks. At least people who actually use them will still argue a bit, rather than leaving everything to the "representatives."