Today I reviewed several DAO proposals, and the more I look at it, the more I feel that "voting" sometimes seems more like choosing who gets the keys... On the surface, it's about giving the community some treats, but upon closer inspection of the incentive design: voting rights are tightly bound to rewards, ultimately turning into a cycle where big holders, teams, and market makers take turns reinforcing their moat. As someone with little practice and mostly a paper hand, watching this makes me worry about my own lack of action: I tend to just like things impulsively, only to be educated by the structure.

Recently, I've been discussing the expectations of interest rate cuts, the US dollar index, and the narrative of risk assets rising and falling together. It's similar in DAO: when emotions run high, it's "Approve! Get on board!", and when emotions subside, blame starts to be assigned. Anyway, before I vote now, I first look at who benefits and who can veto, then consider whether my Gas fee is worth it... That's how it is for now.