Lately, watching the governance voting page, it increasingly looks like the market is holding up a mirror: they say everyone decides together, but once delegation starts, the votes get pulled toward a few big addresses—so in the end, who exactly has the governance token been “governing” (or controlling)? I’m starting to have a few answers. People talk about proposals with their mouths, but in their hands they’re really more concerned with the unlock calendar; the moment staking unlocks, they start imagining sell pressure, and their emotions run even higher than the voting participation rate. Anyway, now whenever I see “delegate,” the first thing I think is: once you hand over the button, don’t expect the outcome to still look like a “community.” What I fear missing the most isn’t actually the opportunity—it’s not figuring out whose story I’m really paying into.