Today on the subway, I saw a few DAOs recruiting people to do “delegated voting.” Put simply, it’s handing your vote over to a handful of active addresses to press the button. The original idea was to make things easier, but over time it starts to feel a bit oligarchic: governance tokens look like everyone has a share, yet actual decision-making power keeps becoming more concentrated in the hands of a few “representatives.” In the end, what may get “governed” could be retail investors’ expectations and the project’s narrative.

As for me, I’m not really excited about holding governance tokens anymore. I treat them more like risk assets: if I can vote, I vote; if I can’t, don’t indulge in self-soothing/self-delusion. Recently the funding rates have been extremely extreme—back in the group, people are arguing about whether to reverse it or keep squeezing the bubble. I actually feel like the same psychology is repeating itself: everyone wants to find a “lead person” to make judgments for them. Keep a small position, scale in, and set stop-losses first—don’t turn voting into a talisman.