Recently, I’ve been looking at a few governance votes again, and the more I look, the more it seems like “delegated voting = handing your vote to someone you know.” Frankly, many people don’t want to study proposals at all; they just click delegate for convenience, resulting in more concentrated voting power that resembles oligarchy… Who exactly do governance tokens govern? Maybe they still govern the retail investors’ time and patience.

What’s even more surreal is that large on-chain transfers, hot and cold wallets on exchanges, are interpreted as “smart money hinting at a direction,” and everyone chases the sentiment; but those who can truly influence proposals might have already sat firmly, with voting just being a formality. Anyway, I’ve set my own rule: I don’t look at “mysterious addresses” to make judgments, and I only delegate my votes to people whose stance I understand. Otherwise, I simply don’t participate—at least not to dress up impulsiveness as a sense of involvement.