GSR: About 70% of DAO Treasury Assets Concentrated in Native Tokens, Project Hedging Generally Lags
- About 70% of DAO treasury assets are held in their own native tokens.
- When the market falls, the value of treasury assets decreases as token prices shrink.
- Projects often sell more tokens to raise funds, further depressing prices.
- GSR observed that hedging protection is typically sought after prices have already fallen.
- Successful projects usually split their treasury into operating reserves and long-term crypto holdings.
According to a market analysis released by GSR, many DAO projects have a significant portion of their treasury assets concentrated in their own native tokens, with approximately 70% held in these tokens. This concentration poses risks, particularly when market conditions deteriorate, as the value of these treasury assets declines alongside token prices.
The analysis highlights that when the market falls, projects may find themselves needing to sell more tokens to cover operating costs, which are typically denominated in USD. This creates a cycle where the need to raise funds leads to further price depreciation of the tokens.
GSR's OTC trading desk noted that project teams often seek hedging protection only after experiencing price declines. By that time, the implied volatility tends to be higher, resulting in increased costs for obtaining protection. GSR recommends that projects adopt a continuous treasury policy for hedging rather than making panic decisions in response to market fluctuations.
To mitigate risks, GSR suggests using a collar option strategy, which involves selling call options to collect premiums that can be used to buy put options. This approach allows projects to set a price range for their tokens and obtain downside protection without needing to spend stablecoins.
Projects that have successfully managed through various market cycles typically maintain a dual treasury structure, holding an operating reserve in cash or stable assets for immediate expenses while managing long-term crypto holdings with appropriate hedging strategies.
GSR：约70%的DAO财政资产集中在本地代币中，项目对冲普遍滞后
根据GSR发布的市场分析，许多DAO项目的财政资产大部分集中在其本地代币中，约70%的资产以这些代币形式持有。这种集中度在市场条件恶化时带来了风险，因为这些财政资产的价值会随着代币价格的下降而减少。
分析指出，当市场下跌时，项目可能会发现自己需要出售更多的代币来支付运营成本，而这些成本通常以美元计价。这导致了一个循环，筹集资金的需求进一步压低了代币的价格。
GSR的场外交易台注意到，项目团队通常在经历价格下跌后才寻求对冲保护。此时，隐含波动率往往较高，导致获取保护的成本增加。GSR建议项目采用持续的财政政策进行对冲，而不是在市场波动时做出恐慌决策。
为了降低风险，GSR建议使用对冲策略，即卖出看涨期权以收取溢价，然后用这些溢价购买看跌期权。这种方法使项目能够为其代币设定价格范围，并在不需要支出稳定币的情况下获得下行保护。
成功管理多次市场周期的项目通常维持双重财政结构，持有现金或稳定资产作为运营储备以应对即时开支，同时通过适当的对冲策略管理长期加密资产。