This is the fourth time I’ve wanted to talk about governance tokens. Straight to the point: at first, I thought this stuff was pretty cool. Holding a token basically meant having voting power, and it made me feel like a mini shareholder. So what happened? After I finally got onto the mainnet, I realized: the big wallets have most of the votes, and they simply delegate to the project team or a foundation. In plain terms, it’s “oligarch collusion.”

What do the small retail holders’ votes matter? Turnout is pitifully low, and with gas fees being so expensive, nobody wants to bother moving. The so-called “consensus” ends up looking like formalism. Now, on the macro side, everyone is waiting for rate cuts. The DXY and risk assets rise and fall together, and liquidity was already tight—so governance issues like these are even less likely to be closely examined.

Honestly, I don’t think governance tokens are completely useless. But if you’re expecting them to genuinely “govern” the entire ecosystem, you’ll probably need to be ready for a long-term commitment. I personally still prefer to enter and exit in batches—watching the truly active decisions on-chain, rather than staring at the few hands in the voting box. After all, positions are like growing flowers: be patient, and don’t pour too much water all at once.