Hey, I just saw again how one big holder personally swallowed the entire governance proposal’s delegated vote. When I looked back, the turnout was less than 8%—so who exactly does this governance token “govern”…? Pretty confusing.

To put it bluntly, a bunch of DeFi delegated voting right now is just oligarchization in a different disguise. The whales are just lying around inside the big-holder voting system; whether retail votes or not doesn’t really matter. Last month I tried delegating my vote to an “independent governance figure,” but the proposal still got carried along by the whales. Either way, the voting power decides the outcome.

Social mining is the same—what about it? It was pretty popular for a while, but now what? A lot of people are saying they’re tired. Attention is the “mining.” And if there really is core value being mined, then why is the project team’s governance power still stacked up by capital? I think it’s just a false premise. The consensus algorithm for blockchain governance sounds beautiful, but in practice it’s a capital-vote system.

Anyway, for me right now, it’s just small-positioning and following a reliable voting pool to farm yield. Don’t think too hard about governance democracy.