GSR：约70%的DAO财库资产集中于原生代币，项目方对冲普遍滞后
PANews 8月8日消息，据GSR发布的市场分析，许多DAO项目的财库资产大部分集中在自己的原生代币上——约70%的DAO财库资产以自身代币形式持有。当市场下跌时，代币价格缩水，财库价值随之蒸发，但运营成本仍以美元计价，项目被迫卖出更多代币筹集资金，进一步压低价格，形成恶性循环。 GSR场外交易部门观察到，项目方往往在价格下跌后才寻求对冲保护，但此时隐含波动率已上升，保护成本最高。GSR建议将套期保值视为持续性金库政策而非恐慌性决策，推荐使用领口期权策略——卖出看涨期权获得权利金用于买入看跌期权，为代币设定价格区间，无需花费稳定币即可获得下行保护。
GSR: ~70% of DAO treasury assets concentrated in native tokens, hedging lags
GSR market analysis shows about 70% of DAO treasury assets are held in their own native tokens. When markets fall, token prices shrink and treasury value evaporates, but operating costs remain dollar-denominated, forcing projects to sell more tokens and creating a vicious cycle. GSR recommends treating hedging as continuous treasury policy rather than panic decisions, suggesting collar option strategies.