Recently, I got itchy again and dug into some governance votes. The more I looked, the more it felt like I was watching a “delegation list ranking”… To put it plainly, it’s not that everyone doesn’t care—it’s that they’re too lazy to care and afraid they won’t understand. In the end, they one-click delegate to a few “reliable people.” So who exactly is the governance token governing? It feels like it’s increasingly governing traffic and personas, and voting power slowly sinks into a small number of addresses.

What’s even more subtle is that over the past few days, the community has still been arguing about privacy coins, coin mixing, and regulatory boundaries. Watching it, I can’t help but feel a bit like it’s all staged: on the surface, they’re discussing values; underneath, voting power is concentrated. In the end, who decides the rules that actually get implemented? That doesn’t seem too hard to guess. Anyway, I’m now more willing to focus on slow indicators like on-chain activity and retention. Governance can be lively—just don’t take “a sense of participation” too seriously.