Seeing someone say "Delegated voting increases participation," I feel a bit uncomfortable... To be honest, a lot of governance tokens ultimately govern "who is better at collecting delegations." Retail investors delegate with a single click for convenience, but the votes end up in the hands of a few big accounts or institutions. No matter how well-written the proposals are, they just look like records of oligarch meetings. Especially since project teams themselves hold a bunch of tokens, plus ecosystem subsidies to steer voting directions, it feels even more like "legalizing the process."

Recently, L2s are arguing over TPS, fees, and subsidies, which is also quite like a show of governance muscle: once subsidies start, traffic and delegations follow, and in the end, who really decides in voting isn't necessarily the users, but those who get subsidies and hold tokens.

You say "If there's no delegation, isn't that the end of it"... I want that too, but watching proposals every day is too exhausting. Right now, I only delegate to those who write counterarguments and have voted against proposals, at least they’re not just nodding machines.