My morning alarm woke me up again. I casually opened the governance pages of a few projects, looking at those addresses labeled "Delegated to XX," and suddenly I felt a bit detached: Who exactly does the governance token govern? They say it's voting by everyone, but in reality, many people just delegate with a single click to save trouble, leaving only a few big players bouncing votes back and forth. No matter how beautifully the proposals are written, they seem prearranged.

I'm a bit slower myself, preferring not to vote at all rather than blindly delegate. Anyway, staking earns that long-term compound interest, and I'm most afraid of outsourcing risk just for a sense of participation. Recently, the collapse of that wave of blockchain games was similar—when inflation kicks in, studios get involved, token prices spiral, and in the end, who really makes the decisions? Sometimes, what they call a community sounds lively, but it’s still just oligarchs holding meetings… For now, I’ll leave it at that and go back to sleep.