Lately, I’ve been a bit annoyed by governance voting, talking about decentralization on the surface, but in reality, a bunch of people are just waiting: waiting for confirmation, waiting for a pullback, waiting to think things through, and in the end, they just delegate their votes to “the person who seems to understand the most.” To put it plainly, governance tokens mostly don’t control the protocol; they control laziness and information gaps. The votes end up concentrated in a few addresses/agents, and oligarchization happens quietly this way.

What’s more awkward is that the labels on on-chain data tools are often criticized for being outdated or even misleading. You might think you’re delegating to a “public interest representative,” but it could just be a well-packaged wallet. Anyway, my first reaction when I see the top of the delegation list isn’t “efficiency,” but “who’s going to make the decision this time”… For now, I’d rather vote less than blindly delegate.