Last night while toasting bread, I casually glanced at a certain protocol governance vote, and the more I looked, the more it resembled a class election: most people "delegate" their votes to a few active accounts, acting as if it’s no big deal. Honestly, it’s just for convenience, but over time it turns into a meeting of a few people, with everyone just giving a thumbs-up. Who exactly does the governance token really govern? Maybe it’s not the protocol, but the patience of retail investors...

Recently, new L1/L2s have started offering incentives to attract TVL, and veteran users complain about "mining, dumping, and selling." I can really empathize: the votes are in someone else’s hands, the incentive rhythm is also controlled by others, and in the end, you only have one choice—whether to sell or not. Anyway, I now care more about whether the delegate is "long-term online," otherwise I’d rather vote myself, even if I do it foolishly.