Lately I've been looking at the delegated voting of several protocols, and the more I look, the more it seems like a tangled tentacle: everyone throws their votes to "the more knowledgeable ones," and as a result, those more knowledgeable ones gradually become the fixed few big octopuses. Governance tokens are said to be "community co-governance," but honestly, who are they really governing... maybe it's still the ordinary people who are too lazy to research.

Then I see large transfers on the blockchain, and whenever exchanges' hot and cold wallets move, someone shouts "smart money is here." I also get tempted to click and check, but thinking about it, it’s the same flavor as delegated voting: outsourcing judgment to a signal, saving effort but also handing over the initiative.

Now I’m narrowing my focus: not chasing the entire governance process, just focusing on one proposal, one delegated address, and understanding what it’s really pushing. This way, I can stick with it longer, and at least not be fooled too badly by my own teenage fantasies.