Recently reviewed the governance records of a few protocols, and the more I look, the more it feels like this: everyone delegates their voting power to “the person who looks like they understand the most,” and then those few effectively turn into permanent class committee members. Put plainly—who exactly does governance over tokens govern? In many cases, it governs the urge for ordinary token holders to participate—whether you vote or not doesn’t matter, because the votes are already flying fast in other people’s hands.

What I’m most afraid of isn’t losing money, but holding voting power while increasingly looking like a spectator. Especially lately, this whole cycle driven by memes and celebrity shout-calling has been too intense—newcomers get excited and rush in, while veteran players, watching from the side, advise, “Don’t take the last baton.” As a result, even fewer people pay attention to what parameters are being changed on the governance side or how the migration is being handled. Anyway, my current approach is pretty simple: if I can vote myself, I vote myself. If I really need to delegate, I spread it out a bit—at least don’t turn delegation of “decentralization” into oligarchy.