Lately, I've been feeling a bit discouraged about governance again. Delegated voting was originally a "lazy person's blessing," but the more I look, the more it seems like handing the steering wheel over to a few large holders/institutions who are online all the time. To put it plainly, it's not the protocol that is governed by tokens, but who can maintain attention and influence over the long term. With so many proposals, ordinary people simply can't keep up, and it ultimately becomes a matter of "who do I trust" rather than "do I understand." I no longer believe in the idea that "just being on the chain automatically means democracy," but I don't want to dismiss it entirely either. At least, I think it would be good to set up alerts for delegated voter monitoring, changes before and after voting, and concentration of addresses in the same cluster, so we have a sense of what's going on. By the way, these days, the market's interest rate cut expectations fluctuate between hot and cold; the dollar index and risk assets still tend to rise and fall together, but on-chain governance seems unaffected and continues to follow its process... Anyway, I'm now more concerned about whether the structure has a brake, rather than how good the slogans sound.