Recently, I've seen people pointing at large on-chain transfers and unusual activity in exchange hot and cold wallets, shouting "Smart money is coming," but honestly, I feel indifferent. Frankly, the "smartness" of many projects isn't in their trading, but in governance: once delegated voting opens, participation rates go up, but the votes gradually accumulate in the hands of a few addresses, eventually resembling a gentle oligarchy, while everyone still thinks they're in a democracy.

Who exactly does governance tokens govern? Looking at the voting results, it seems more like "confirming existing consensus" rather than discussing directions. Once incentive design allows lazy people to delegate their votes, half the game is over: delegates get traffic, the delegated get power, and the rest get a psychological comfort of having participated.

What I fear most isn't losing money, but thinking I have a choice when I’m actually just passively signing. Anyway, when I look at projects now, I first check the concentration of delegation, the costs of revoking votes, and other small details—whether they can prevent power from accumulating endlessly. That’s all for now.