Recently, I saw everyone arguing about delegated voting. They say, “let the professionals handle it,” and it sounds pretty reasonable—but in the end, it always feels like handing the keys over to a few big holders to manage. Governance tokens—who are they really governing? To put it plainly, more often than not, they govern retail investors’ patience. If you don’t vote, or you don’t understand how to vote, your votes automatically drift toward the centralized side.

Add the whole setup of miners/validators—income, MEV, and fairness in ordering—and the more I look, the more it feels like the same thing: even if the rules are written beautifully, the execution layer still skews toward whoever can get close to the ordering. I’ll admit I’m a bit envious of their certainty… on my end, I can only stay quieter: first, watch whether there’s truly incremental growth on-chain. If there’s no incremental growth, then I’ll just treat the “governance excitement” as noise.