According to @the_matter_labs, Coinbase, which custodies some Team and Investor-held tokens, is migrating accounts to a new entity over the coming days as part of its MiCA compliance process, and a temporary drop in on-chain delegation is expected during the update, with delegations to be restored after completion, per @the_matter_labs on X: https://twitter.com/the_matter_labs/status/1998894900872622356. Coinbase confirms it is moving certain Prime client accounts to a new entity to meet EU MiCA requirements in its official guidance, indicating an operational migration rather than a policy change, per Coinbase Help: https://help.coinbase.com/en/prime/compliance/mica-migration. For traders tracking governance participation and delegated balances, short-term dips in delegation metrics may appear in on-chain dashboards due to the custody transition, and these are expected to normalize once Coinbase completes the move, per @the_matter_labs on X: https://twitter.com/the_matter_labs/status/1998894900872622356.