I just came across a DAO voting proposal. The title looks pretty nice, saying “optimize the community governance structure.” When I clicked in, wow—there’s a newly created “strategic committee” tucked inside, with appointment power handed directly to the core team. To put it bluntly, with governance, things look equal on the surface, but in practice whoever controls the right to make proposals gets to decide. My roommate asked why I keep looking into this stuff. I said, “Study how to make money make more money”—it’s more nutritious than watching him play games, anyway.

Recently, RWA and on-chain yield products have been compared to U.S. Treasury yield rates, which is pretty interesting. Those protocols that tout “value capture” don’t even dare to turn on a charging switch, because they’re afraid of offending the big players. In my view, if you don’t look at the incentive structure and only listen to slogans, that’s basically betting on who can run faster.