Recently looking at governance votes of several protocols, the more I look, the more it feels like “delegated voting = outsourcing power,” and in the end, it’s still the same big whales/institutions giving the nod. They call it community governance, but what they may be governing is actually retail investors’ emotions: you think you’re participating, but you’re just helping to carry the sedan… I trust the on-chain turnover rate more now. When it’s hot, the number of votes is also hot—but being hot doesn’t mean you’ve been granted more power.

That RWA wave is also pretty interesting. People use US Treasury yields to compare with the various “yield products” on-chain—plainly, many people are just looking for a more attractive-looking interest-rate screenshot. But once governance becomes oligarchic, who decides the yield rules and the risk switches? Anyway, once my take-profit line is hit, I’ll just take my profits and leave; calmly stepping out is the best option.