To be honest, I recently went through the voting records of a few governance proposals, and it suddenly made me feel pretty down. The big holders clutch their delegated votes, while the small change from retail investors can’t even make a ripple. As for “decentralized governance,” let’s be real—it’s still a cake-cutting game between big holders and institutions. Looking at those proposals with such pitiful turnout rates, I really feel like governance tokens aren’t governing the community—they’re defending the holders’ mental stronghold.

Before that, when everyone complained about MEV and unfair ordering, I thought maybe I was just being too sensitive. Then I looked at a few rounds of real delegation data and finally understood: most retail delegated votes end up flowing to a handful of top nodes, and those nodes have close ties to the protocol side. Voting isn’t expressing intent—it’s picking a side.

Forget it, maybe I’m just a slow-warming spectator and I’m not fit to participate in this kind of high-end game. But every now and then I still wonder: if one day delegation really could flow to ordinary participants, instead of being concentrated in a few big nodes, maybe that feeling of “my vote matters” would keep me in this space. That’s it for now—I’m overthinking, and it’s exhausting.