Just browsing the old protocol forums, I saw someone praising "governance is back," and I couldn't help but laugh a little... Delegated voting is pretty convenient, to be honest, but it can also easily turn into "giving your vote to the most eloquent speaker or the team with the most resources." In the end, who does the governance token actually govern? Maybe it's just an illusion for retail investors. The new L1/L2 schemes that incentivize and pull TVL are the same; once the mining and selling are done, only a few big wallets remain, nodding at each other. Anyway, I only dare to test with small positions now—if I can vote myself, I vote; if I don't want to bother, I just pretend I didn't participate. At least I won't hand over my power casually. You say "delegation is democratic efficiency"... well, but who is that efficiency for?