Recently, looking at the market of AAVE, it started to plummet mysteriously before the proposal was released, while the large investors quietly dumped their assets. It’s highly likely that the news was leaked in advance, allowing people to buy the dip and arbitrage, and then claiming this is practicing decentralization. Irony, right?

Looking back at the traditional stock market, there are plenty of rules on the large investors' side—cash-out has a lock-up period, share reduction has quota limits, and information disclosure must be timely. Rights and obligations are balanced.

What about the token holders of the encrypted community? The imagination is particularly beautiful: making a fortune quietly when prices rise, and then dumping on the community and retail investors when prices fall. These people are actually free riders—wanting to enjoy the benefits without putting in any effort.

What’s more heart-wrenching is that the root of the problem lies in the tokens themselves. What is decentralized governance? In simple terms, it’s a false proposition. A bunch of tokens have no ability to capture value at all; they are just pure speculative tools that rely on continuous inflation to maintain signs of life.

The greatest power of coin holders is just one - to run away. On the contrary, those large "coin holders" who want to cash out? It's completely not a problem - find an OTC dealer, hedge with derivatives, and quietly retreat. Most coin holders, however, have no contribution to the construction and growth of the protocol. Dividends? Ha, what are you thinking? Since the growth of the protocol has nothing to do with them, why bother putting in the effort to build it?

This logical chain continues to perpetuate itself in a vicious cycle.