Last night I couldn’t sleep again, staring at a few huge transfers on-chain made me feel even more awake... The more I looked, the more I felt that governance is pretty mysterious. On paper, it’s “everyone votes,” but in reality a bunch of people delegate their votes, and in the end it turns into a few addresses calling the shots. In plain terms, it’s like handing the remote control to someone else and still expecting the channel to switch according to your preferences.

Recently, new L1/L2 projects have been rolling out incentives to attract TVL, and old users are complaining about “mining, buying low and selling high,” but I actually understand: anyway, the votes aren’t in your hands. What the project wants is for the numbers to look good, not whether you sleep well. Governance tokens—who are they really governing? Maybe they’re just governing retail investors’ sense of participation. That’s it for now; my eyes are a bit sore.