I just checked the turnout for a governance proposal, and again it’s in the single digits—the voting power is all concentrated in a handful of big whales. They say it’s a governance token, but voting power isn’t like normal governance; it’s basically the same as a shareholders’ meeting—the project team and market makers are in the same camp, and retail users’ votes amount to nothing.

Recently, in the RWA space, they’ve been comparing on-chain yields to US Treasury yields again—absolutely hilarious. On-chain yields are already tied to the big whales’ interests; how much can they actually share with you? I, for one, stopped believing this thing can fix anything a long time ago. Watching order books and liquidity is what matters. Exiting paths are more effective than any “consensus.” Why am I so calm? Because I’ve gotten used to watching that “delegated voting address distribution” chart—I look at it and immediately snap back to reality. Basically, it’s just switching up the pose while cutting down the grass.