Governance tokens are said to be “everyone has a vote,” but in the end, a bunch of people delegate their votes, and it turns into just a few addresses/representatives nodding on behalf of everyone. To put it plainly, tokens are not really in “governance,” they are endorsing or distributing benefits to someone. You’re too lazy to look at proposals, and they’re too lazy to participate in discussions, so in the end, only those who can write long articles and those with resources to rally votes remain; oligarchic tendencies are quite natural.

Recently, new L1/L2 projects are incentivizing to pull TVL, and I find it not surprising that veteran users complain about “mining proposals and selling,” because you use subsidies as consensus, and voting becomes more like an auction. Anyway, seeing delegation voting being too concentrated now, I assume this project is somewhat far from “community governance,” so don’t get self-congratulatory.