I only write down one sentence in my notes: governance tokens, put simply, are “delegated voting + people who can’t be bothered to manage.” The more of those people there are, the more power concentrates in a handful of addresses. In the end, it isn’t the protocol that gets “governed” but the emotions of large token holders—just like lately, everyone has been watching on-chain large transfers, and whenever an exchange’s hot or cold wallets move, they shout “smart money.” I’ve wanted to rush in too, but I’m also afraid I’ll get liquidated again. Anyway, what I can do now is use less leverage and pay attention to who is voting on whose behalf.