Recently, I've been looking at governance votes for several projects again, claiming it's "community decision," but as soon as I open the delegation leaderboard, the top ten addresses' votes quickly surpass half... You tell me, who exactly is the governance token governing? Is it governing me, a retail investor who just clicks "like"? Delegation was originally meant to be convenient, but it ended up being "I outsource my brain too," gradually leading to oligarchization. The narrative is quite contagious: everyone says participating in governance is important, but the ones who can really influence the outcome are just a few people anyway.

In the group, there have been crazy shares of screenshots about stablecoin regulation, reserve audits, and something about "potential de-pegging" circulating wildly over the past two days, with emotions spreading faster than on-chain data. My mom even asked me: "Aren't your coins supposed to be very stable? Why do people keep saying they might de-peg?" I could only reply half-heartedly: "Stability is the goal, not a promise..." Let's leave it at that for now; the more I look, the more I feel that the words "governance" and "trust" are quite luxurious.