Recently, I’ve been a bit overwhelmed when it comes to governance voting… I used to stubbornly say “I only look at on-chain data,” but after checking the voting records, I realized that no matter how diligent I am with on-chain analysis, it’s useless—most votes are delegated to a few big wallets/institutions, and in the end, like class elections, it’s always the same students raising their hands to vote for class president. Governance tokens are called “community,” but honestly, who are they really governing? Maybe it’s just an illusion that mainly governs retail investors.

What’s even more amusing is that while everyone complains about miners/validators’ income, MEV front-running, and unfair ordering, they also just hand over their votes directly to “professional agents,” which is basically outsourcing the power… I can only correct myself now: I don’t just look at on-chain data anymore; I also need to see “who the votes ultimately flow to,” or I’ll just get FOMO and jump in as a background player. Anyway, I’m still experimenting with small positions—vote if you can, but don’t take it too seriously after voting.