Lately, watching governance voting has been quite frustrating: it's called "community co-governance," but it often ends up with a few big players exchanging glances. Delegated voting is supposed to be convenient, but many people are too lazy to participate, so they just hand their votes to the "expert," who then gets pulled along by project teams, market makers, and various network relationships... To put it plainly, governance tokens don't actually govern the protocol; they control attention and distribution rights. When new L1/L2 chains launch incentives to attract TVL, it's normal for old users to complain about "mining, selling, and dumping," because ordinary people have no say in how rules are changed or how funds are distributed. If you want to avoid paying tuition, don't just look at proposal titles—first check the delegation concentration and the movements of the top voting addresses; the words "oligarchy" stand out quite clearly.