Today I saw KOLs again interpreting on-chain large transfers as “smart money,” and there’s a whole bunch of fomo followers underneath. Honestly, with that many anomalies, most of it is whales doing arbitrage or internal housekeeping by exchanges—yet they still have to write a little essay to make it sound convincing… Anyway, the data is right there; people who believe will believe.

Speaking of this, governance tokens have been getting more and more confusing the more I look into them recently. Delegated voting was originally meant to get more people involved, but what happened is that whales and institutions use high-APR strategies to lure retail into handing over custody of voting power, and voting power ends up becoming even more concentrated. Put plainly, some project teams say they’re decentralizing, but the proposal pass rate always follows the same few investment institutions. I don’t regret the outcome—I regret thinking I was voting with a say, only to find out I was just voting for the mine pool’s composite yield rights. Something that can be explained with one chart—so who exactly did governance tokens govern? It governed the retail FOMO dosage.