For the last special voting cycle, I added my thoughts to its thread, rather than here. I have followed the same principles for this voting cycle - focus on those that have been most engaged.
As an aside, I wish to discuss this thread: Token Terminal on Twitter: “Earnings: revenue minus token incentives https://t.co/dpNun1ESjn” / Twitter
Now, firstly, this doesn’t mean all that much at this early stage - the goal is to subsidize onboarding users and protocols. That said, there are plenty other metrics to look at, and it’s pretty clear the subsidies granted have been largely ineffective relative to the scope of said subsidies. Particularly the recurring subsidies that I argued strongly against in Season 3 (actually - see the last comment in this thread), and which passed anyway. As such, we should be very wary of second grants, and especially, third grants - no doubt the ones who had second grants successfully pass will come back for thirds quickly after the second runs out. Particularly for TVL-centric incentives, all it really does is subsidize users to keep their money on Optimism, and they’ll go elsewhere once the subsidies inevitably run out.
To be clear, I think it’s worthwhile to use large grants to distribute tokens anyway, even if it’s actually economically illogical to do so. But it should be clear that this is only because $OP’s tokenomics are atrocious to begin with.