Recently, I looked at the governance votes of several protocols again, and they said it was "community decision," but in reality, the actual votes were still from those big wallet holders. The rest either are too lazy to click or simply delegate their votes to save trouble. Delegation is quite reasonable, but after a while, it’s like handing the microphone to the same few people, and in the end, who actually controls the governance tokens... To put it plainly, it’s about the proposal thresholds and narratives, not everyday users.

These days, social mining and fan tokens are heating up again. People say "attention is mining," which sounds trendy, but it’s really more like finding new fuel for oligarchic control: whoever controls the traffic, whoever has an easier time controlling votes. I don’t have any strong opinions either. Anyway, when I look at governance now, I focus on delegation distribution and voting participation rates. Don’t be fooled to sleep by the words "decentralization." That’s all for now.