At lunchtime, I checked a few L2 governance votes. Honestly, it kind of discouraged me: a lot of people delegate their votes, and in the end only a few big whales/institutions keep swinging back and forth—so the governance token is really governing who…?

I used to be pretty stubborn; I’d always say, “I only look at on-chain,” and I’d draw conclusions from the number of addresses and the distribution of voting power. Later, I realized you also have to look at the mood: people are too lazy to participate, afraid of stepping on a mine, and some even think that voting won’t make any difference. This kind of atmosphere can directly turn “decentralization” into a prop.

The economic crash in blockchain games also feels like that—an inflation + studio + coin price spiral. Once the players scatter, even if the data looks good afterward, it’s meaningless.

Anyway, for now I treat it purely as observation: who’s voting, what they’re voting for, and whether anyone actually uses the results afterward. That’s it for now.