Recently, I’ve seen several new L1/L2 projects launch incentives to attract TVL, and old users complain about “mining, selling, and dumping.” I can really empathize: liquidity comes quickly and leaves just as fast, governance voting feels more like a token gesture. Speaking of delegated voting, the original intention was to make things easier, but it often ends up being “handing your vote to the person who writes the longest proposals,” and then those big whales/institutional representatives in the group nod at each other every day. No matter how beautifully the proposals are written, in reality, it’s just deciding whose pocket the protocol’s cash flow goes into. Who does the so-called governance tokens actually govern? Honestly, it’s those who haven’t yet learned to refuse delegation. (My chart is glowing again.) When I look at proposals now, I don’t focus on slogans first. I look at: how the revenue is split, whether there’s a buyback/revocation mechanism, whether voting power concentration has changed… Otherwise, after all the arguing, it just ends up outsourcing the sense of participation.