I used to focus on "approve/reject" when looking at DAO voting, but now I’m more interested in how the incentives are written in proposals: where the money goes, who signs off, who can change the rules... Basically, the power structure is hidden in those seemingly boring clauses. Especially with proposals for "ecosystem subsidies," on the surface it’s support, but in reality it binds the discourse power to a few groups, and voting is just the final rubber stamp. Recently, the L2 debate has been about TPS, fees, and subsidies again, and I find it a bit theatrical: the more subsidies are poured in, the more you have to ask whether the settlement layer actually has real demand to absorb it, or else the excitement will be empty after the hype. Anyway, when the market is noisy, I just look at on-chain data and governance records, at least I won’t be easily carried away by emotions.