I keep wondering whether governance in crypto is really about power, or about whether a network can coordinate serious decisions without losing its original purpose. That is part of why $NIGHT catches my attention. If Midnight is trying to build privacy infrastructure that can support real-world use, then governance matters far beyond token symbolism. Holders are not just voting on proposals in the abstract. They can influence treasury direction, protocol upgrades, and the rules that shape how the privacy stack evolves over time. The interesting part is whether that creates durable coordination or just another layer of politics. I’ll be watching voter quality, treasury discipline, and whether upgrades actually strengthen developer confidence, because that is where governance starts to become real.