Since I started recording DAO voting, the biggest change isn't that I "understand governance better," but that I find it easier to see through the small incentive designs within proposals: who receives rewards, who has veto power, who has the loudest voice in the discussion area... In other words, the power structure is written between the lines. Previously, when I saw a "high pass rate," I thought it was because there was strong consensus; now I first consider whether the distribution of benefits is too clear, and opponents simply don't come to vote. By the way, I also don't get easily influenced by the idea that "large on-chain transfers/exchange hot and cold wallet movements = smart money," as those are just signals; the voting here is what determines whether the rules change or not. Anyway, I just keep recording slowly, not chasing missed ones, and review the records later as a way to practice patience.

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