I used to really think that "governance tokens = everyone voting together," and that even a small retail investor could decide which way the protocol goes... Now that I've seen more, I understand that once delegation starts, the votes are like a snowball rolling into the hands of a few, to be honest, governance is about "who can hold the microphone," not about governing the protocol.

Recently, new L1/L2 projects are also incentivizing to attract TVL, and veteran users in the group complain about mining, selling, and taking profits. I can understand: you work hard on interactions, but in the end, the votes and rewards are given to those who are better at calculations. Anyway, my current attitude is that small participation is just paying tuition; if I want to hold a large position, I first look at the delegation map and the large holder's holdings... Brew a cup of tea, and don't romanticize "community governance" too much.