Last night, I came across a governance voting for a certain protocol, and it was that kind of "delegate voting with one click." I clicked in to take a look, and the votes of the top few delegates were like a tsunami, drowning out the small addresses behind them. Honestly, people aren’t indifferent—they’re just busy, lazy, or afraid they won’t understand, so in the end, they just hand over their votes… I’ve done it myself, and I still feel pretty awkward about it.

Who exactly does the governance token govern? It often feels like it’s “governing” those few who are the best at organizing, the best at talking, and have the most resources. Delegation was originally meant to be convenient, but it easily slips into oligarchy, turning into a small group holding the steering wheel for the long term. Recently, the debates over privacy coins, mixing coins, and compliance boundaries have been so fierce that I actually think: if voting power is concentrated, in such torn topics, the outcomes might be faster and more decisive, but not necessarily better.

Let’s leave it at that for now. I’ll still take it slow with low leverage, voting myself when I can, at least to avoid feeling so guilty.