Recently, I’ve been looking at some governance voting “delegation” data again—basically handing your votes to someone else to manage on your behalf. The more you delegate, the more it starts to look like an oligarch club: once a few big accounts pass the ball around, proposals go through as if they were stamped. So who exactly are governance tokens governing? At least, it looks like they’re first governing the phantom “illusion” of retail investors.

On-chain, I also specifically checked and noticed that, about 30 minutes before a certain proposal vote, a few delegate entries suddenly appeared—thousands or tens of thousands of votes—coming from familiar addresses like 0x8f…c2a. The moves were faster than when I place a stop-loss order.

Recently, it’s also been interesting to see people compare RWA and US Treasury yields with on-chain yield products: one is “you really bought government bonds,” and the other is “you trust the contract won’t blow up.” But when it finally comes down to governance, it seems to be the same—no matter how steady the returns are written to be, control is still concentrated in the hands of a few. Oh well, I’ll keep digging through the ruins and see what new clues I can uncover.