My phone just popped up a red dot again: a governance voting for a certain protocol has started.

I clicked in and looked, and those big addresses on the delegation list still look familiar…
I felt a bit dazed: who exactly is the governance token governing?
Honestly, many times it’s just “I delegate my vote for peace of mind,”
ultimately turning into a few people long-term representing the majority’s stance,
the more they vote, the more it looks like an oligarch club.

My risk appetite isn’t high, moving stablecoins around just to sleep better,
but seeing this kind of structure still makes me nervous.
Especially with on-chain games where inflation + studio + coin price spiral collapse,
no matter how the community votes afterward, it’s like patching up after the fact,
the decision has actually been pre-written by incentives and big players.
Anyway, I now try not to delegate if I can avoid it,
if I do vote, I only watch two things: where the money flows, and who can change the rules at any time.
That’s all for now.