These days I've been looking at a few governance proposals again, and the more I look, the more it feels like studying a star map: voting rights are all revolving around a few "super large addresses," and when ordinary people click to vote, they're just delegating their own little gravitational pull to a brighter star. They call it governance tokens, but it actually feels more like governance participation... I'm not against delegation, after all, everyone doesn't have time to watch proposals every day, but long-term delegation can easily lead to oligarchy: a few people holding the steering wheel for a long time, while the rest just clap or stay silent.

Recently, there's been talk outside about interest rate cut expectations, the dollar index, and the narrative of risk assets rising and falling together. I suddenly feel a bit dazed: on-chain governance is also quite macro-like, everyone cares more about "which way the wind is blowing" rather than "how the system is being fixed." Anyway, my current approach is, if I can vote myself, I do; if I really delegate, I’ll change the delegate from time to time, at least to prevent the same star from filling the night sky forever.