Just watched a while of a certain DAO’s voting delegation data—it’s pretty interesting. Big whales delegate to big whales, while small retail delegates to empty air, and in the end the voting power still ends up in the hands of those few dozen addresses. So who exactly is the “governance token” actually governing? At least it’s not me—I’m just here placing and canceling orders. Some people say RWA and U.S. Treasury yields are high, and that on-chain yield products are attractive—so what about on-chain governance? It’s still hollow, and it has little to do with the price. Anyway, I’ll just keep watching—not putting it on a pedestal.