To be honest, every time I see a pile of DAO governance proposals, my first reaction is to flip through and check how many incentive pools are tucked behind them. They call it “ecosystem building” in a nice way, but in plain terms it’s just paying the big whales and the core team. Voting power? Compared with where the cash flow goes, it’s basically just a prop—whoever holds more chips gets to decide. So democracy is basically “count people by how much money they have,” huh?

Lately, there are also people discussing RWA yield. If you put it next to those on-chain “annualized” products, I think it’s just like comparing government bonds with a Ponzi scheme. As for that on-chain setup, it looks like high-tech, but at the bottom, the logic still relies on new money filling old holes. Anyway, my mindset toward this kind of thing is to treat it like a backup plan—don’t put all your hopes in one basket, but also don’t expect a backup to make you rich. Step by step, see how it goes.