Lately I’ve been watching a few governance votes, and the more I look, the more it feels like “delegation”—it ends up delegating people away… A bunch of addresses pool their votes together, and in the end, who wrote the proposal, and who’s really calling the shots—put bluntly, it’s pretty much the same as an oligarchs’ meeting. So what exactly have governance tokens been governing? Sometimes it feels like what they govern is just ordinary people’s little bit of participation: if you don’t keep an eye on things, you get represented; but if you do keep an eye on things, you might still not be able to make sense of the details of those parameter changes.

By the way, everyone has recently been comparing RWA and US Treasury yield rates to on-chain yield products, and I get the desire to find something “stable.” But on-chain “stability” is often propped up by governance and permissions—not by the interest rate itself. Once delegation gets concentrated, the wind can shift, and the whole yield logic can be rewritten overnight.

For my part, I’m taking one extra safety step now: before voting or delegating, I’ll flip through and review the proxy address’s past proposals and on-chain actions. Even if it takes an extra half an hour, it’s still better than complaining afterward… For now, that’s what I’ll do.