Recently looking at DAO voting proposals, on the surface it's "parameter optimization," but as you read further, it's all about small incentive mechanisms: who gets subsidies, who can propose, who has veto power. Basically, it's a reshuffling of the power seats. Everyone in the group chat is arguing that spot/futures funding rates are extreme—whether it's a reversal or more bubble squeezing, I think the logic is pretty similar—when emotions run high, it's easier to ignore "who's benefiting." Voting is like a meeting and like splitting a cake; the louder the approval votes, the more I want to first see where the returns come from and who bears the risks... Anyway, I’ll turn off leverage first, watching is fine, don’t use it as fuel.