Recently, watching governance voting really feels a bit like watching “who’s playing whom”… Delegated voting was originally meant to stop retail users from missing airdrops, but then a bunch of people just stuffed their votes into the “big accounts that look very professional.” In the end, doesn’t it just turn into a few whales giving each other a nod? Governance tokens are said to be for everyone, but in the end, what gets “governed” is still traffic and how concentrated holdings are.

Also, it made me think of the recent fuss about NFT royalties: creators say they want income, the market says it wants liquidity, and the final call is often not made by the people who draw the art—it’s usually the group that trades the most… Anyway, it’s never the loudest voices who decide how the “rules get written.”

Why I can stay calm: the habit is that every time I feel like rushing in, I first check the top 10 addresses’ share and the flow of delegations. Once I can tell I’m looking at an oligarch at a glance, I pull my hand back—I’d rather miss out than become fuel. For now, that’s how it is.