Recently, I've been looking at governance of several protocols again, and the more I look, the more discouraged I feel: everyone talks about "community decision-making," but most voting rights are delegated to a few familiar addresses, ending up like a small oligarch club. Honestly, the governance tokens might not be controlling the protocol itself, but rather the large token holders and their risk preferences... I only hold 0.03 tokens, so I feel more like an onlooker taking notes from the sidelines.

These days, the funding rates have swung to quite extreme levels again, and the group is arguing over whether to reverse or continue squeezing the bubble. I actually think that during such times, you can see the "human nature" of governance more clearly — when the market gets tight, voting becomes even more concentrated, and delegates are too lazy to change their votes, which is convenient but also makes it easier to be manipulated. Let's leave it at that for now; I'll wait a couple more days to see what happens, even if I miss out.