Delegated voting—put simply—is basically: “I’m too lazy to read the proposals, so you help me vote.” Then, as you keep going, it turns out only a few big players are still the ones clicking. So in the end, who is governance power actually governed by? Most likely, it’s governance-world oligarchs—plus a bunch of people who just want to snag subsidies… The longer I’ve been watching gas, the funnier it feels: they shout “decentralization” while, at the same time, voting power is concentrated like traffic. In the end, all that the chain does is transparently reenact corporate politics.

Recently, they’ve been putting RWA, U.S. Treasury yields, and on-chain yield products side by side in comparisons. And I can’t help laughing when I hear it: no matter how similar the yields look, don’t forget the key question—who can change the rules. The yields are just surface-level; the underlying reality is those few hands controlling delegated voting. Anyway, when I look at governance now, I check the delegation map, not the slogans.