Recently, I’ve been reviewing governance records of a certain protocol again, and the more I look, the more uncomfortable I feel: a bunch of people delegate their votes to “friends/whales,” claiming it’s more convenient, but in the end, it just becomes a few addresses deciding how to change parameters and where to direct emissions. Who exactly does governance tokens serve? Honestly, many times it’s about controlling liquidity and attention; genuine users often have little presence… When TVL drops, I feel heartbroken, but I also admit that watching retention and real interactions is more reliable than just looking at slogans.

These days, Meme and celebrity shoutouts are heating up again, and newcomers get excited and rush in. As an old player, I can only advise: don’t always think about taking the final baton, especially in governance. When the hype comes, voting can easily be manipulated by the rhythm. Anyway, I’m now willing to take an extra step for safety: for important positions, voting and approvals are done with a separate cold wallet. It’s a bit more trouble, but it’s worth avoiding a collapse caused by “accidentally signing an unlimited approval” once. I’m pessimistic in words, but I still tend to add a little more… Let’s leave it at that for now.