According to Wu Blockchain, GSR's latest report highlights structural flaws in treasury management across the crypto industry: most DAOs concentrate about 70% of their treasury assets in their native tokens, leading to synchronized declines in treasury value, protocol revenue, and market activity, creating a pro-cyclical negative feedback loop. Projects often seek hedging only after prices drop, by which time implied volatility has risen and protection costs are expensive. The report recommends separating operational reserves from long-term holdings and using a collar structure to buy downside protection at zero cost, thereby extending the survival runway for projects during bear markets. GSR believes that in the short term, if more projects adopt hedging strategies, it may increase options market trading volume but have no significant impact on spot prices; in the medium term, improving treasury structures could reduce systemic selling pressure. https://www.(wublock123.com)/news/news-66151