Just took a look at the ETF fund flow data, and also interpreted it together with the risk appetite in US stocks. At times like this, I always end up wondering: governance tokens—so, who exactly have they been governing?

When I was previously chasing “turbo” meme coins, I voted a few times too. After voting, I realized nothing really changed, and nobody actually cared about small retail investors’ opinions. Put plainly, voting power is concentrated in the hands of big players. The project team has a stack of votes of its own, and they can’t even be bothered to set up delegated voting—they just decide internally. Sometimes I can’t be bothered to vote either. Since voting seems pointless, I’d rather watch the charts.

Recently, I’ve been looking at a few projects that have changed their governance models. Stuff like “delegated voting” turning into “oligarch voting”—the name changes pretty quickly, but the substance hasn’t changed. My rules are simple: don’t chase, don’t use excessive leverage. Keep governance tokens in your hand as a souvenir—don’t expect them to truly govern anyone.