Staying up on night shift, staring at the funding rate until my eyes hurt, I casually checked a project's governance voting and felt like I was watching a "relay race of delegated votes"... A bunch of people throwing their votes to a few big accounts, claiming it's for convenience, but really it's just outsourcing the decision-making power. Who exactly is the governance token governing? Honestly, in the end, it's still about the emotions and interests of those few people.

What’s even funnier and a bit frustrating is that when there's a sudden large transfer on-chain, or an exchange moves hot and cold wallets, someone immediately starts interpreting it as "smart money moving," and then the subsequent voting also follows this narrative. Anyway, I no longer have any romantic illusions about "participating in governance." If I can vote, I vote, but I don’t delegate. After voting, I just treat it as turning in homework... When emotions run high, I go wash my face, so I don’t become one of those votes that get led around.