Recently, I’ve been seeing a bunch of “delegated voting,” and I honestly want to laugh a little: they say it’s supposed to let small retail investors participate in governance, but in the end it’s just bundling votes and handing them over to a few big accounts—oligarchic control, smoother than even traditional companies. Governance tokens—who are they actually governing? Straight to the point: they’re governing the proposal approval rate and the team KPIs, and definitely not governing me, who’s out here at the mercy of impermanent-loss chaos.

What’s even more outrageous is that now RWA, U.S. Treasury yields, and on-chain “yield products” are being put side by side for comparison. It sounds more stable, but when governance is in the hands of only a few people, they can change the rules whenever they want. And no matter how good the returns are, it’s only “the layer they show you.”

Right now, I only trust parameters and the exit button… Tonight, I’ll go through each delegated address one by one—if I can withdraw, I’ll withdraw. For now, that’s it.