I just went back and looked at the posts from back in 2019, and found that a lot of people were hyping “governance tokens as a democracy experiment.” Looking back now, it’s kind of interesting. I tried it once: I delegated UNI to a so-called “professional voter,” thinking it would be convenient and still let me participate in governance. What happened? That person voted entirely in line with the interests of big funds, basically ignoring small community proposals. To put it bluntly, this is just like voting in real life—whoever has more money gets to call the shots.

Recently I’ve been seeing people shilling Meme coins. Newcomers are charging in hard, while veteran players are there telling them not to take the last baton. It makes me think of that governance-token craze from back then. We all thought it was the future at the time, and now it has turned into the playground of big holders. The narrative cycle is pretty interesting, but don’t really believe that “decentralized governance” can solve everything. History doesn’t always repeat itself, but human nature never changes.

Forget it—I'll keep watching. In this round, who can come out on top, and who ends up as cannon fodder.