I just looked at a governance proposal, and the voting page was as lively as rush hour, but upon opening, many votes were actually "delegated" with a one-click pack. Basically, it’s like handing over the remote control to a few people. Who exactly is the governance token governing? Sometimes it feels like it’s just managing retail investors’ anxiety: you think you’re participating in democracy, but in reality, you’re adding leverage for the oligarchs...

What’s even more amusing is that while everyone is watching large on-chain transfers and hot/cold wallets on exchanges, shouting "smart money is here" at every move, they turn a blind eye to the concentration of "smart votes" in governance. Anyway, before I vote now, I first check the delegation ratio, like watching options volatility: outwardly calm, but inside, it might already be filled with gunpowder.