Lately, governance voting has been a little confusing—there are a bunch of people who delegate their votes so they can save effort, and in the end it turns into those few “big players” pressing the buttons… They call it decentralized governance, but when you boil it down, who the governance tokens actually govern is still whoever has the louder voice, whoever is more diligent (or has more resources), and who gets to call the shots.

What’s even more interesting is that everyone complains that voting is troublesome, yet they spend their time comparing on-chain yield products with RWA and U.S. Treasury yield rates, and it feels like the focus has completely shifted: whether returns can be stable is one thing, but who sets the rules—and whether they can be changed by a small group of people—is another matter entirely. I’ll cast a few votes when I’m farming too, but now I care more about whether the task boundaries and the witch rules are clearly written, and I don’t want it to end up like, “You think you’re participating in governance, but you’re actually just carrying water for the oligarchs.” We’ll talk about this again next time.