Last night I stayed up again until the liquidation period, and—out of habit—took a look at the governance voting records of a few protocols. To put it plainly, many times it’s not “the community governing,” but delegated votes governing instead. You hand over your votes just to save time and hassle, and in the end it turns into a few big players/institutions quietly giving each other the nod. No matter how democratically the proposals are written, implementation still comes down to the same handful of people making the call… it has a bit of an oligarch vibe.

What’s even more annoying is the information noise: screenshots about stablecoin regulation, reserve audits, and whoever saying they “want to de-peg” circulating back and forth in the group, with emotions moving faster than the data. My noise-reduction strategy is one simple rule: don’t look at the conclusions from reposts—only look at the on-chain reserve addresses/audit originals, plus large inflows and outflows; everything else can be treated as background noise. In any case, whoever governance tokens actually end up “governing” is obvious once you see the voting-power structure.