Let me tell you something. Recently, I’ve been looking at a few DAO proposals, and the voting section is nothing but “+1” spam. But I highly doubt that, out of ten people, even one actually reads the proposal content. In fact, while these proposals appear to be about protocol upgrades on the surface, hidden beneath are incentive allocation and power structures.

For example, in some proposals, voting power is concentrated in the hands of the top few whales. With one vote, they can decide everything—so when smaller holders vote, it’s basically pointless. And then there are proposals that “fork.” To put it simply, a big influencer leads their fans to set up a whole new operation; newcomers rush in to take the bag, while old players have already run off.

Anyway, I’ve developed the habit of doing this: every time I see a vote with an APY that’s absurdly high, I first flip through the original proposal text and look for issues related to permissions, inflation, or a bank run/withdrawal-squeeze style risk. No matter how others keep shouting “the last baton,” do a bit of homework yourself first. It’s better than just being a fool waiting to be sheared. After all, people can say whatever they want—but the money is yours.