Recently, I saw several project governance votes again.

I clicked in and saw that they were all delegated voting:
For someone like me, a retail investor with only a few votes, it's basically "delegating voting rights" to others.
When I bought governance tokens, I still hoped to participate in some decisions, but in the end, the governance isn't about the protocol, it's about my emotions and attention...
Oligarchization isn't a conspiracy theory; it's more about people being too lazy to vote, not understanding, or lacking time, so power naturally concentrates in the hands of a few "professionals."

What's more annoying is that when the external environment changes (like certain regions increasing taxes, tightening or loosening compliance policies), and deposit/withdrawal expectations become tense, everyone votes more casually:
As long as it’s stable, don’t bother.
So "maintaining the status quo" always wins, delegated addresses grow larger, and governance increasingly becomes a decoration.
My current approach is to avoid touching governance tokens much, and instead hold more spot assets plus small options for hedging—at least if I lose, it's my own choice, not something taken away by voting.

I'm going to work now.