Just looked at a project’s delegated voting data—big whales and retail alike are all asleep, and the votes are fully delegated to a few so-called “professional representatives.”

They promised decentralized governance, but now it’s basically like electing class officers—loud slogans before the vote, and after the election the people just disappear. Recently, in the group, people keep reposting those stablecoin reserve screenshots. I don’t know if they’re real or not, but anyway it makes everyone feel uneasy.

I started thinking: this kind of “governance” won through delegation—who exactly is it governing? Not me, a little hamster, for sure. I have a suspicion that maybe the core team built the protocol themselves, then also made a bunch of fake identities to vote.

So-called on-chain democracy, in plain terms, still comes down to physical stamina and time cost. You stay up late to read proposals, and they just click a delegation casually. Next time, I’m planning to vote myself—if I even abstain, I won’t let anyone else run the show with my stake.