Recently, I saw in the group that large on-chain transfers and hot/cold wallet movements on exchanges are being interpreted as "smart money," which is quite lively. But to be honest, many times it's just like investing in a DAO: don't rush to be impressed, first see who has the button.

No matter how well the proposal is written, the real incentive and power structure are hidden in the details: how the budget is allocated, to whom it is given, whether KPI failures are recovered, whether the executors are the same group repeatedly changing identities, who holds emergency permissions, how easy it is to amend clauses after voting passes... From my experience with several DAOs, voting isn't about taking sides; it's about accounting + assessing execution capability. I treat other grand narratives as background noise because, in the end, the person who takes the blame is never the one who wrote the proposal.