I just came across a governance proposal, and the voting page is quite lively. I clicked in—when the top addresses (or the few that were delegated) moved, the outcome was basically already decided. To put it simply, who exactly are governance tokens governing… it feels more like “governing sentiment,” making retail investors feel like they’re participating, but the people who can truly make the final call are still those few big voting powerhouses.

Recently, Layer 2 has been going back and forth—arguing about TPS, fees, and ecosystem subsidies. It looks very lively, but it makes me wonder: will those subsidies eventually turn into the fuel for the delegated ballots/tokens in delegated voting? I open perpetuals from time to time, but I’m more afraid of a “curve going dead”—not a price going dead, but a decision going dead. People think they’re co-governing, but slowly it’s becoming oligarchic. Anyway, nowadays, the moment I see the four words “delegated voting,” I get on guard first.