Recently, I’ve been looking at a few protocols’ delegated voting again, honestly questioning who the governance tokens are really governing… On the surface, many people participate, but in the end, it’s just a few big votes that matter, and others are like just giving a thumbs-up. Hardware wallets are out of stock, phishing links are rampant, and everyone is shouting about security but too lazy to verify domain names. Thinking about it later, it’s quite funny. Voting is the same; if it’s too troublesome, people delegate, and over time it becomes a oligopoly. Anyway, I now feel more like I’m betting on volatility: participate if you can, but I default to thinking my votes won’t change much, just hoping I don’t turn governance into a liquidity and exit channel. That’s it for now.