Recently, I’ve been looking into governance votes for certain protocols again, claiming to be “community decision-making.” When I click in, I see a bunch of delegated votes, and in the end it’s basically just a few addresses going back and forth, soliciting votes... Who do the governance tokens really govern? To put it plainly, it’s more like they’re governing “the power to speak.” I used to love chasing questions—why each vote was like this or that—but now I’m a bit tired. I don’t chase explanations anymore; a lot of outcomes are determined by the structure + a little randomness. Also, those large on-chain transfers, and every time exchange hot and cold wallets move getting interpreted as “smart money”—I get tempted to look too, but after watching more, I realize: you think you’re assembling a puzzle, but sometimes it’s just noise being told like a story. Anyway, I’m going to reduce my position first and leave some room.