Recently, I saw someone focusing on large on-chain transfers and unusual activity in exchange hot and cold wallets, claiming it's "smart money" making a statement. It looks quite lively, but I’d rather review the main proposal of a DAO: often, the flow of money is just the result; the real disagreements are hidden in voting rules and incentives—who can propose, who can receive subsidies, how delegated votes are concentrated, gradually solidifying the power structure.

It's a bit like a neighborhood homeowners' association meeting, where on the surface they discuss whether to repair the elevator, but in reality, everyone is watching how the budget is divided, who signs off, and who will have the final say in the future... Anyway, when I look at voting now, I don’t pay much attention to slogans; I focus on the incentive clauses and the lines about execution authority. The risks are just like that—if the process isn’t transparent, I’d rather not participate.