Recently, I've seen a bunch of governance proposals easily pass through "delegated voting," which basically means concentrating votes into a few big accounts. On the blockchain, democracy ends up looking like an oligarch board of directors. Ordinary people don't delegate because voting is too troublesome and requires gas; if they do delegate, it becomes "I hand over my brain to you," and then you represent me in negotiations with the project team. Who gets governed becomes very subtle...

What's even more ironic is that hardware wallets are out of stock, phishing links are everywhere, and everyone's security awareness is being forced to max out. But when it comes to governance, it's surprisingly lax: people check the domain name before signing, but before voting, they don't look into how many votes the proxy has or what they've voted in the past. Anyway, when I see projects with extremely high delegation concentration, I participate but keep my expectations low. Don't treat the words "governance" as a talisman.