Just finished a DAO proposal, watching it like a TV series while voting: literally written as "encourage participation," but in reality, it's about giving leverage to a few addresses—how rewards are distributed, who can propose, what the voting threshold is, basically outlining the power structure. The most interesting part is the "delegated voting subsidy," which sounds like it’s meant to boost participation, but in practice, it’s more like giving big holders a legitimate reason to gather votes.

Recently, retail investors have been complaining about miner/validator income, MEV, and fairness in transaction ordering. I think it’s similar to DAOs: no matter how well the rules are written, it ultimately comes down to "who can get ahead, who can get that soup." Anyway, when I look at proposals now, I first focus on three points: where the money flows, where the power concentrates, and who takes the blame if something goes wrong… Let’s start with that, and during lively times, it’s even more important to cool down.