The more I watch governance voting lately, the more uneasy I feel. Delegated voting was first said to increase participation, but gradually it turned into “a few people’s signatures decide everything.” To put it plainly, who does governance tokens actually govern? It might just be an illusion for retail investors—those votes you hold end up being routed to a handful of big delegates, and the rest is just lively chatter on forums.

What’s even more ridiculous is that AI Agents and automated trading are joining the fun too. On one hand, they hype “the on-chain automation future,” and on the other, they turn voting/interactions into scripts that run in batches, while security audits can’t keep up. It’s like… it’s like…: it’s like a nationwide referendum, and also like a board of directors calling out names. Anyway, when I look at governance now, I first check the concentration of voting power and how the wording for the guidelines is written, then see whether anyone has seriously opposed the proposals. Once you take off the filter, it’s not that romantic.