Just saw a post talking about delegated voting, saying who they vote for is for the “community’s benefit.” Ridiculous. The truth is, aren’t those governance tokens basically all the same? Big holders clench the votes, the protocol uses airdrops as a sweetened “sugar-coated bomb,” and retail folks can’t even be bothered to read proposals—delegate to a few “representatives” and that’s it. Later I thought about it and it’s kind of funny: who exactly is this supposed to govern? It’s still just a tool for arbitrage for whales and institutions. The recent collapse in on-chain gaming has been even more obvious—an inflation tax drains players; when studios pull out, the token price spirals to zero. Governance? It didn’t even manage to keep up with a single thing. Anyway, I don’t buy that democracy narrative. It’s better to back cash flow than “sides.” Whoever pays me, I’ll believe them.