Actually, everyone understands that governance tokens claim to be "community co-governance," but when you slip up and delegate your votes, in the end, it's still those big players + funds setting the direction... I was watching on-chain liquidity for a long time last night, planning to jump into a small-cap, but then I saw the addresses with the highest voting weight on a certain protocol's voting page, and I was instantly a bit discouraged: is governance really about the protocol, or just the emotions of FOMO warriors like me? Recently, some people have been interpreting ETF capital flows, U.S. stock risk appetite, and crypto market rises and falls together; honestly, anyone can craft a narrative, but governance is more straightforward—whoever holds the votes, that's who decides. Anyway, before I delegate now, I first check who is receiving the votes, otherwise it's almost like lending out your wallet keys.