Recently, I reviewed a few more DAO proposals. To put it simply, many votes are not about "right or wrong," but about "who has the ongoing control button." The more beautifully the incentives are written, the more I want to first look at the power structure: how voting rights are distributed, who can change parameters, who holds multi-signature access to the treasury, and after the proposal passes, who is actually executing and supervising. Understanding these is more reliable than just looking at a bunch of promising visions.

Now everyone compares RWA and US bond yields to on-chain yield products. I also look, but I don't really believe in the phrase "equally safe." If on-chain yields rely on subsidies, they get exposed once subsidies stop; if they rely on permissions, that's a different kind of "credit." I don't need to be understood; I just want to remind myself: before voting, ask yourself—is this vote about participating in governance, or about prolonging the life of a small circle?