Recently, I've been looking at governance votes for several projects again, and the more I look, the more I feel that "delegation" is quite subtle: on the surface, it's about handing over your votes to someone more knowledgeable, but essentially, it's about concentrating power in the hands of those who are more idle, better at operations, and have larger stakes. In the end, who does the governance tokens really govern? Maybe it's still the few who can gather votes, write proposals, and craft convincing narratives.

Lately, everyone on the blockchain has been complaining about validator income, MEV, and unfair ordering. I can understand that—no matter how elegant the rules are written, in practice, those closer to block production or ordering tend to benefit more. Retail investors can only vent in the comment sections. Anyway, I no longer participate in voting with much "passion"; I just want to see clear incentives. Don't expect a single vote to change the world.

What I fear missing the most isn't actually opportunities, but realizing after the narrative tide recedes that I've been serving as a background character for others all along.