#加密项目融资趋势 Noted Vitalik's views on the Zcash token voting mechanism. This reflects a key issue in current cryptocurrency project governance: how to balance community participation and long-term development. From a data perspective, while token voting increases engagement, it often leads to short-term利益主导决策. Analyzing historical data, projects that adopt token voting generally face issues such as low governance efficiency and strategic swings. For Zcash, privacy is its core competitiveness; if decided by ordinary token holders, it may gradually weaken. It is recommended to track Zcash's subsequent governance developments and pay attention to their impact on the project's growth. This may provide insights for governance design in other projects.