Just saw someone post that the governance token voting turnout is getting lower and lower—pools with a few million dollars, and it’s only a few hundred people voting. Honestly, I’m pretty curious: who exactly is this supposed to govern? Big holders delegate votes to institutions, institutions then delegate to the project side, and in the end the proposals are basically pre-set workflows. To put it bluntly, voting power was outsourced long ago; the few votes retail holders have can’t even make a ripple.

I’ve set rules for myself—I don’t touch delegated voting, and I don’t participate in those “symbolic governance” pools. When the group’s sentiment gets extreme and funding rates run to the sky, everyone’s debating whether it’s a reversal or whether we’ll keep squeezing out the bubble, so I’m not going to join the frenzy. It’s pretty strange seeing others argue until they’re red in the face—like they can change something. For now, that’s it. Who knows, anyway.