Recently, I looked at several DAO voting proposals, which on the surface seem quite gentle: optimizing parameters, expanding the ecosystem… but once I get to the incentive section, it gets interesting. Where the money is being allocated, who can get it first, how long they can hold it—basically, it's a reshuffling of power. The most concerning are those that are packaged as “benefits to the community,” but in reality, a few addresses take the majority, while the rest are just responsible for endorsing.

These days, new L1/L2 projects are starting to offer incentives to attract TVL. I understand the complaints from veteran users about “mining, farming, and selling”: you think you're voting for a vision, but actually you're just working for short-term liquidity. Anyway, I’m just a small-time liquidity farmer. When I see a proposal that looks too tempting, I try a small amount first, and meanwhile, observe the voting participation rate and the big players’ statements—so I don’t get too excited and end up being one of those who exit liquidity during the wave.