Lately, I’ve been feeling a bit disheartened about governance voting… They say it’s “community decided,” but in the end, tons of votes get delegated to a few large accounts. It’s like a meeting where people raise their hands—except only a handful of people are actually raising their hands. It’s not that they’re necessarily bad; they might be quite professional. But the plain truth is: who are governance tokens really governing? Most likely, they’re governing the “people who can consistently keep getting delegated votes.” Ordinary folks either can’t be bothered to read the proposals, or once they do read them, they feel their little slice of votes won’t make much difference—so they just delegate everything with one click.

The crash pattern over on the blockchain games side is pretty similar, too: when inflation kicks in, studios all pile on work, the coin price drops again, and everyone is even less willing to participate in governance—so they just go chase short-term trades… and ultimately it becomes more concentrated, more oligarchic. Anyway, my current approach is: I’d rather vote less often than keep my votes delegated long-term—at least leaving myself a bit of room to maneuver. That’s it for now.