I've been diving for a long time, but I still can't resist popping up a bubble... Recently, I've been looking at several governance proposals, and the comments are arguing like they're about to go to war. In the end, I checked the voting rights, and most of them are "delegated" to a few big accounts. To put it plainly, governance tokens don't actually govern the protocol; they just reflect retail investors' emotions and sense of presence. If you don't delegate, your vote is like air; if you delegate, it's like handing the steering wheel to a stranger—winning means they get the "correct" decision, losing means you're taking the blame. When it comes to privacy coins or mixing coins and their compliance boundaries, the community splits apart: some shout for freedom, others fear being watched, and in the end, it all comes down to who has more votes. Anyway, whenever I see the words "decentralized governance," my first reaction is to check who is actually pressing the confirm button...