Lately, I’ve been a bit speechless about governance data: delegated voting was supposed to be convenient, but it gradually turned into “handing your vote to someone you know for safekeeping,” and in the end, it’s just a few big addresses + a few institutions nodding at each other. Governance tokens claim to be “community co-governance,” but honestly, who are they really governing… Sometimes it feels like it’s just an illusion for small investors.

Airdrop season this time also acts like a mirror that reveals the true nature; task platforms are becoming more and more meticulous about anti-witchcraft measures, and once a points system is introduced, the “grab-and-go” crowd starts working like clock-in competition. I used to carefully study proposals, thinking voting gave me a sense of participation; now I more often look at the actual on-chain usage and cross-chain flow to see if they’re increasing—no matter how lively the proposals are, someone has to be using them. Anyway, I’ll vote, but I no longer blindly believe that “voting equals governance.”