Lately I've been looking at governance voting again, and the more I watch, the more it seems like "delegated voting"—the moment when people get pulled into it: a bunch of small votes all end up in the hands of a few big addresses, claiming to be decentralized, but it looks more like an oligarchs' meeting. I wanted to click "delegate" for the third time but stopped myself, honestly, I'm not really participating in governance; I'm choosing someone to speak for me, hoping they won't have conflicts of interest with me... It's pretty mysterious.

What's even funnier is that when there's a large on-chain transfer or a hot/cold wallet move on an exchange, everyone starts interpreting it as "smart money coming in," but these big players are actually the ones with the largest voting power. When they move, it not only affects market sentiment but could also conveniently change the rules. Anyway, before I vote now, I ask myself: who exactly is this token governing? I don't want to be the last one holding the bag.