Over the past couple of days, I’ve gone through the governance records of a few protocols, and the more I read, the more it feels like I’m looking at a “Delegated Voting Ranking/Leaderboard”… The tokens are supposedly governed by everyone together, but in practice it’s often the same handful of addresses repeatedly swapping hands of the voting power. Voting feels like a formality, while the rest either don’t have time or can’t be bothered to dig into the proposal details. To put it bluntly, who governance tokens really govern may end up being “who’s better at organizing attention” and “who’s more willing to stay around consistently.”

Later, I also noticed that hardware wallets have recently been out of stock, and phishing links have been popping up a lot more—this really says a lot about the situation, too. People are sensitive about asset security, but they’re more likely to slack off when it comes to governance security (power being centralized, delegation chains not being transparent). Anyway, when I look at governance now, I first check the delegation relationships and the voting participation rate, and then I look at the proposal content—otherwise it’s easy to get steamrolled by those four words, “community consensus.” That’s it for now.