Recently, I looked through the governance records of some protocols again, and the more I read, the more it feels like watching a large-scale "delegated voting" reality show: people talk about community co-governance, but in practice, it turns into a few big accounts nodding at each other, with the rest just acting as comment banners. I used to carefully read proposal details, but now my mindset has evolved—first look at the delegation relationship chain and voting concentration, then decide whether to spend time on the details. Basically, you can see at a glance who the governance tokens are really controlling.

On the macro side, there's again talk about easing expectations, the US dollar index rising and falling with risk assets. I don't really follow market trends, but this feeling of "everyone being on the same page once the narrative starts" is quite similar to how a few people set the rhythm in governance. The risks of bridges can at least be traced to the accident's conclusion; sometimes, governance seems like the ending is already written... Let's leave it at that for now.