I just looked at delegation voting data for a governance token, and it feels a bit depressing. They said it was “one person, one vote,” but the big whales just lie back and collect delegated votes, while small holders can’t even be bothered to click on proposals—since their vote would be meaningless anyway. Put simply, governance power is gradually turning into a toy for a small number of giant whales and institutions, far from the “community self-governance” they originally promised. Lately, all the attention has been on Meme coins and celebrity shilling rounds; even veteran players are urging newcomers not to catch the last swing, but it seems like not many people care about this “oligarchic” trap with governance tokens.