Last night before bed, I came across a screenshot of a proposal vote, and it reminded me of “delegated voting.” To put it simply, I hand my vote over to save myself the hassle—only for it to end up feeling like I’ve also handed the keys along to a few big players. Who exactly do governance tokens govern? Sometimes it really feels like a homeowners’ association: nobody shows up, and in the end it’s those same few people who make the decisions—yet it’s still perfectly legitimate.

Recently, the whole “earnings stacking” setup—staking plus shared security—has been getting argued about a lot. I can understand why some people are calling it “nesting dolls”: the votes are held by a small number of people, and the security and returns are packaged layer after layer, so it starts to feel like the more you play, the more it turns into financial engineering. Ordinary people, meanwhile, are even less inclined to keep up with governance… Anyway, this is where I am right now: a small position, coming in gradually, voting myself when I can. If I really don’t have time, I’ll do my best not to keep my votes permanently tied to the same address. That’s it for now—I’ll review again tomorrow.