Lately, I've been looking at several governance proposals, and the more I look, the more it seems like "delegated voting = handing the microphone over to whales/institutions,"

The small votes held by retail investors, to be honest, are just like giving a thumbs-up.
Who exactly is governance tokens governing? Sometimes it's not the protocol but emotions: you think you're participating, but you're actually driving traffic to oligarchic interests.

What's more subtle is that when spot/derivatives funding rates hit an extreme, the group chat starts arguing again about "reversing the trend or continuing to squeeze the bubble,"
But in the end, the rhythm is often controlled by the positions and votes of just a few people.

There's too much information noise, and my noise reduction strategy is very simple:
Focus only on two things — who proposed the proposal and who ultimately holds the voting power;
Everything else is just background noise, so avoid impulsive actions.