Turnout keeps sliding and nobody calls it what it is. Most proposals pass on votes from five or six wallets that never miss a round. Everyone else treats governance notifications like ads they close without reading.Snapshot temperature checks became theater. The same thirty handles hit the thumbs-up in the first twenty minutes, then silence. Anything resembling debate moved to invite-only channels a long time ago.The emergency multisig still lists two signers who haven’t posted anywhere in eighteen months. Keys rotate on schedule, but the real headache would be regulators knocking on three doors in the same week. That line never shows up in public risk threads.Forum moderation got heavy handed. Question a curator fee increase and the thread gets locked for “off-topic” before page two. Parameter arguments worth having now happen in Telegram groups half anonymous, half venture money looking for an edge.Delegation quietly birthed three super-delegates who command almost half the total voting weight. They disclose conflicts in footnotes nobody expands. Proposals sail through anyway.On-chain upgrades crawl from commit to execution across five or six weeks. Markets usually change twice before the patch lands. Changelogs stay short and vague on purpose.Word around the last contributor sync was that fresh chain deployments probably need a twenty-four-hour admin window for the first year. Pure governance too early just grinds progress to a halt. Everyone agreed and nobody wrote it down publicly.The protocols that end up dominating will ship defaults so dialed in that voting starts feeling redundant. All the current ceremony is just temporary scaffolding until the machine runs clean on its own.$MORPHO #Morpho @Morpho Labs 🦋
