Lately, I've been getting a bit obsessed with DAO proposals, superficially they say "alignment of incentives" and "increase participation," but in reality, they're about changing the power structure: who can propose, who can pass quickly, who gets the ongoing budget... Basically, it's just turning the steering wheel a little more in their favor. What's even more interesting is that the options on the voting page look very democratic, but once you see the lock-up and delegation rules that come with it, it's pretty much set in stone. Every time I see this, I just take a screenshot for reference, and later compare it with the actual implementation—it's quite relieving.

By the way, I was reminded that recently people have been comparing RWA, US bond yields, and on-chain yield products together, and it's the same: the returns are written openly, but the risks and voting power are hidden in the terms. Anyway, before I vote now, I always ask myself: after this proposal passes, who has more power, and who will find it harder to exit. Just starting with that.