Honestly, lately watching governance voting feels more and more like watching a "delegated chain" with who is longer... In name, everyone has a vote, but in reality, it's often a few big households or institutional representatives pressing buttons for a bunch of retail investors. Who exactly governance tokens are governing, I’m not even sure anymore; it doesn’t seem to be really governing the "community."

In the past couple of days, before and after that mainstream public chain upgrade, everyone in the group has been speculating whether the ecosystem will migrate. My first reaction isn’t where the project is going, but rather: if it really moves, will the voting power also become more concentrated? A bunch of people are too lazy to vote and just delegate to "reliable people," which over time can lead to oligarchic control, and the risks are quite hidden.

I myself am very restrained now: I avoid delegating if I can, and if I do delegate, I only do it temporarily, withdrawing and reviewing every once in a while... Otherwise, I finally manage to keep my emotions in check during trading, but governance quietly hands over the decision-making power, which feels pretty awkward.