Recently, I’ve been looking at governance votes for a few projects again, claiming to be “community decisions,” but half of the votes are delegated back and forth, ultimately ending up with a few big accounts. Honestly, the tokens don’t govern me; it’s more about controlling those who can gather votes… I’m not against delegation, after all, everyone’s busy, but over time it starts to feel a bit like an oligarchy: lively discussions, but the final decision is very quiet.

The NFT royalty disputes are even more obvious—creators want income, the market wants liquidity, but in the end, it all depends on how the platform and a few big players sway their attitudes. Anyway, I’m more interested in whether “on-chain inflow + exchange activity + public sentiment” can align, rather than just focusing on a single indicator to comfort myself. That’s all for now, cautiously optimistic.