Recently, I looked at a few more governance proposal delegated voting records, and the more I look, the more it seems like a "board of voting skins"... A bunch of people hand over their votes to the address that looks the busiest, and in the end, it's just a few large wallets or team-related wallets setting the direction. To put it simply, who do governance tokens govern? Maybe it's the retail investors' sense of participation.

Over on Layer 2, they're still arguing about TPS, fees, and ecosystem subsidies. They talk about decentralization, but as soon as subsidies stop, the community disperses; once voting is delegated, it becomes oligarchic. It's quite surreal. I won't chase explanations anymore; after all, randomness is the norm... I'll just keep acting as a detective, archiving the timeline and on-chain traces, so at least next time there's a crash, I won't pretend I didn't see it.