Recently, I've seen a bunch of people watching token unlock calendars, anxious about selling pressure, I can understand... but what I care more about is: who exactly is governance tokens really governing?

Many projects appear to have "community voting," but in reality, everyone is too lazy to read proposals, casually delegating their votes to a few familiar KOLs or big holders, and in the end, it becomes a situation where a few addresses nod to each other.
To put it plainly, the risk is borne by everyone together, but the direction is increasingly resembling an oligarch meeting.
When staking is unlocked, voting rights might also become fluid; those who vote today might leave tomorrow, leaving behind only those long-term stakers with large voting pools.
Anyway, I’m quite cautious about the words "governance" these days; I prefer to observe the on-chain power structure first, whether I vote or not... depends on my mood.