Just saw a project where the governance voting delegation rate is almost up to 80%. Voting power is actually concentrated in the hands of a few “professional representatives.” They claim it’s decentralized, but once users hand over their votes, it basically means outsourcing power to others—so in the end, what matters more is what a few big holders or the early team say. I, for one, will probably get the urge to calculate the correlation among those delegated addresses; before pitching something, I want to check where the money actually is.

Now that the phishing link is in a high-incidence period, people’s vigilance should be higher, but it’s still a bit surprising that hardware wallets can sell out. Looks like someone is really taking cold storage seriously. In any case, I personally think that the “long-term” value of a governance target isn’t judged by the K-line, weekly, or monthly charts—it’s judged by whether the proposals on-chain are truly getting executed, whether the protocol’s budget can hold up, and whether community governance can survive a few rounds, or even a half-year review. You agree, right?