I just read a DAO proposal. On the surface it says it’s optimizing incentives, but when you look closely at how voting power is allocated, it’s still the big holders who call the shots. To put it plainly, governance tokens’ “one person, one vote” isn’t much different from equity voting in the real world—the power structure is hidden pretty deeply.

Recently, the funding rate has been going to extremes—so far it’s almost absurd. The community is arguing about whether it’s a reversal or continuing to squeeze out the bubble, and I didn’t dare to chase it. I’ve seen too many proposals like this: the level of capital concentration determines the direction, not something you can simply shout into existence with a trade call. It’s pretty ironic—on one hand they talk about decentralization, and on the other they replicate traditional finance in the voting mechanism.

After deleveraging, my mindset has been steadier, but at times like this it’s still hard not to feel anxious. You clearly understand the logic, yet you’re still carried along by market sentiment. Forget it—so I’ll leave it at that for now. At least today, I didn’t act impulsively.