Lately, I’ve been feeling a bit exhausted from governance voting. Delegated voting was originally a “lazy person’s blessing,” basically lending your vote to someone you trust to vote on your behalf. I thought it could make the system more decentralized, but the more I look, the more it seems like a few people in small groups set the direction, and everyone else just gives a thumbs-up from the sidelines. Who exactly is governance tokens governing… maybe it’s just the participation sense of retail investors.

What’s more subtle is that some regions are starting to impose taxes and tighten regulations, then loosen them again, causing people’s expectations for deposits and withdrawals to fluctuate. When stablecoins get nervous, they rush into what looks “more secure.” Then these big players/institutions hold even more concentrated votes, and their voting power becomes more justified. Anyway, whenever I see the words “community decision,” my first reaction isn’t enthusiasm, but to check the delegated voting list: who is representing me today.