These days, I’ve seen people use ETF capital flows and U.S. stock market risk appetite to explain the rise and fall of the crypto market, almost like following a formula… I’m not entirely skeptical of macroeconomics, but what’s more glaring is the governance part: once voting by delegation opens, it’s always a few big addresses holding meetings. To put it plainly, governance tokens often end up not serving the “community,” but those who are best at soliciting votes and easiest to delegate to.

I myself have delegated my votes three times and then taken them back again, preferring to earn fewer incentives rather than handing over signing rights so casually. Oligarchization isn’t formed overnight; everyone clicks “delegate” repeatedly to save effort, and in the end, only a few people can change parameters or set rules… Anyway, I’d rather go slower now, review proposals myself, sign myself. That’s how it is for now.