The weather today is oppressively stuffy, and I was stuck in traffic so long that my coffee even cooled off... When I checked my phone, I saw that the funding rate was once again extreme, and the group was buzzing: Is this a reversal or just more bubble squeezing? Honestly, what worries me more isn't the direction, but "who's pressing the buttons."

Recently, I saw those delegated voting proposals, claiming to "increase participation," but in reality, it looks like a few big players are just clicking the buttons for others. Who exactly is the governance token really governing? Anyway, it's not someone like me who tends to cut losses at the first sign of tension. The group votes enthusiastically, but the parameters, incentives, and token listing order that finally get implemented still seem to revolve around those few whales... I was pretty confident when I was calling trades, but seeing this governance setup makes me feel a bit softer. Tonight, I’ll review the on-chain delegation distribution again, so I don’t become just another emotional liquidity flow.