Everyone already understands this: governance tokens, most of the time, don’t govern the protocol itself—they govern the emotions and reputation/status of big token holders. Last night, I looked at the voting record of an old project. The top 10 addresses pushed the “community consensus” down as if it were a single button. I even found a bunch of delegation relationships: A delegates to B, and B is then watched by C as it votes—on-chain it looks like a pyramid scheme family tree… Put simply, oligarchy has just changed into a more respectable shell. In the group chat, these days people are again circulating rumors about stablecoin regulation, reserve audits, and all sorts of “de-pegging.” Everyone says they don’t believe it, but their hands are already withdrawing liquidity. Governance is the same kind of thing: they talk about participation as usual, but when it comes to key proposals, ordinary people are at most just a “like” button tool. Anyway, when I look at votes now, I first check “who can change the result with one click,” and then decide whether it’s worth wasting time reading the proposal.