Recently, looking at those "governance votes" on the blockchain, honestly, it's often just about who delegates to whom. Big players collect votes with a single hand, on the surface it looks like the community is choosing, but in reality, it’s like a few people are holding the steering wheel as a weather vane... For someone like me who’s slow to warm up, it’s even harder to get involved. If I want to participate, my small vote feels like just riding along; if I don’t participate, I’m worried that the rules will keep changing and no longer suit me.

What's more subtle is that some regions are discussing tax increases, tightening or loosening compliance, and when the inflow and outflow expectations change, everyone immediately becomes more conservative, and votes tend to concentrate more on those few "seemingly stable" options. So, who exactly is the governance token governing? It feels like it’s first governing the patience of retail investors. Anyway, I now wait for a confirmation before acting, and if I can avoid delegating, I do. At least I know clearly what I’m voting for.