Governance tokens are said to be "everyone has a vote," but in the end, a bunch of people delegate their votes, and it turns into just a few addresses/representatives nodding on behalf of everyone. Frankly, the tokens are not really about "governance," they are about endorsing someone or distributing benefits to someone. You’re too lazy to look at proposals, and they’re too lazy to participate in discussions. In the end, only those who can write long articles and those with resources to rally votes remain, and oligarchic tendencies are quite natural.

Recently, new L1/L2 projects are incentivizing to attract TVL, and I find it not surprising that veteran users complain about "mining and selling": you use subsidies as consensus, and voting becomes more like an auction. Anyway, I see that delegated voting is too concentrated now, so I assume this project is somewhat far from "community governance," just don’t get self-congratulatory.