Recently, I’ve been looking at a few governance proposals again, and the more I look, the more “delegated voting” feels like outsourcing the hassle: everyone just clicks to hand their votes to a few familiar faces, and in the end it turns into a meeting of a minority, while everyone else is left to argue in the group chat. Governance tokens—what are they really governing? To put it bluntly, it’s more about governing the “sense of participation,” not the protocol itself.

And now, in some regions, taxes and compliance keep tightening and loosening in waves. As soon as expectations around deposits and withdrawals change, a lot of people become even more reluctant to deal with governance. Survival comes first—so votes naturally end up concentrated in the hands of those “who look like they can handle it,” the big holders or institutions.

I treat complexity as the enemy: if I can understand it myself, I don’t delegate; if I can’t understand it, I don’t vote. I’d rather have a little less “democracy” than casually hand over power. Besides, I’m never fully in position, and I also try not to place full trust in my holdings.