These days, I've been looking at governance votes for a few protocols again, and honestly, it's starting to look more and more like a "delegated voting competition": everyone is too lazy to read proposals, so they just hand their votes to a few familiar faces, and the final result isn't surprising.

Then I start to wonder, who exactly do governance tokens govern? Maybe they govern the anxiety of retail investors, maximizing participation but providing little sense of direction.

NFT royalties are getting even more heated, with one side saying they need to support creators, and the other saying secondary liquidity should be free; both sound reasonable, but in the end, the decisions are often made by a few platforms or major players.
Anyway, they open the window when it's hot, and close the lights when it's cold.
Now I care more about "who can continuously hold voting rights" rather than how good the proposals look.
And... I no longer believe the phrase "decentralization naturally leads to fairness."