These days, the group is again discussing stablecoin regulation, reserve audits, and various rumors about "losing the peg." When emotions run high, everyone just wants to find some certainty to hold onto. I can understand that, but it also makes me think about governance tokens: they are called "community governance," but in the end, voting rights are often delegated to a few big accounts, or simply held by exchanges, funds, or project teams themselves. On the surface, it appears decentralized, but in reality, it’s like a small oligarchy meeting; the governance mainly influences narratives and expectations.

Anyway, I no longer put much faith in voting results; I pay more attention to who can mobilize votes behind the scenes and how interests are coordinated. After the emotions settle, I’ll look at on-chain actions. At least, it’s less likely to be swayed by the rhythm. The risk is still there, so don’t treat "governance" as a safety cushion.