Recently, I’ve been looking at a few DAO delegated votes, and the more I look, the colder it feels… They call it “community governance,” but in the end, it seems like they’re just stuffing votes into a few familiar insiders’ wallets. Everyone wants convenience, so they delegate with one click—yet the more they delegate, the more it becomes oligarchic. Governance tokens—what exactly are they governing? To put it bluntly, it’s mostly governing liquidity and narratives; ordinary people are mostly on the receiving end. Outside, people are still trying to tie ETF fund flows together with risk appetite in the U.S. stock market to interpret price moves—I’ll watch too. But once macro sentiment comes in, on-chain voting feels more like background noise. Anyway, I don’t have much of a “participate in governance” filter anymore: if I can understand it, I’ll cast a vote; if I can’t, I won’t delegate. I’d rather be a slow-warming observer.