Recently, I've been looking at governance votes for a few projects again. To be honest, most people don't lack the desire to vote; they're just lazy or can't understand it. In the end, they just delegate with a single click to the "seems reliable" whales/funds, and as a result, the delegation becomes more concentrated. Who ends up controlling the governance tokens? Probably just the psychological comfort of retail investors... The on-chain settlement power still lies with those few people.

What's even more ridiculous is that people outside keep interpreting ETF fund flows, U.S. stock risk appetite, and crypto market rises and falls as if they're all linked, with too much information making my head hurt. My current filtering method is very crude: I only look at whether proposals will directly change my fees/distributions/permissions, and I casually check who the final settlement address is. Other macro narratives are just background noise, so I don't get swept up and impulsively follow the trend. That's how I do it for now.