Today I looked at a certain project's governance voting, and the more I looked, the more it seemed like a "Delegated Voting Ranking"... Basically, once you cast your vote, what happens afterward is pretty much left to chance. There are quite a few active addresses on-chain, but when it comes to key proposals, it's still the handful of big addresses that can sway the results. Oligarchic control is not some mysterious concept at all.

Recently, someone also linked ETF capital flows, U.S. stock market risk appetite, and crypto market rises and falls for interpretation. I also look at these, but after reading, I want to ask: when prices follow emotions, who exactly is governance managing—whose emotions, whose interests? Anyway, I’ll keep diving for now, taking screenshots... tired but still here. If I’m wrong, I’ll delete it.