Recently checked out the governance voting of several protocols, and honestly, it’s pretty much a “delegated voting contest”: you think you’re participating, but in the end, it’s just a few big addresses/representatives making the decisions. On-chain, it looks like a bunch of active addresses, but on voting day, the voting power is concentrated to a frightening degree. Who exactly is the governance token really governing… it mostly governs the owners of liquidity and voting rights.

Some people also complain that on-chain data tools and label systems are lagging behind and easy to mislead, which I can understand. Delegation relationships layer upon layer, addresses change identities quickly, today they look decentralized, tomorrow they all point to the same group of people. Anyway, when I look at governance now, I first check the voter participation rate and the top ten voting weights, then I look at whether the actual income/TVL after proposal execution shows any movement. If not, I just treat it as noise.

I’m going to get to work.