[GSR: Approximately 70% of DAO treasury assets are concentrated in native tokens, with project teams generally lagging in hedging] According to market analysis released by GSR, the treasury assets of many DAO projects are largely concentrated in their own native tokens—approximately 70% of DAO treasury assets are held in the form of their native tokens. When the market declines, token prices shrink, causing the treasury value to evaporate, while operating costs remain denominated in USD. Projects are then forced to sell more tokens to raise funds, further driving down prices and creating a vicious cycle. GSR's OTC trading desk has observed that project teams often seek hedging protection only after prices have dropped, but by then implied volatility has risen, making protection costs highest. GSR recommends treating hedging as a continuous treasury policy rather than a reactive decision made in panic. They suggest using a collar options strategy—selling call options to earn premiums that can be used to buy put options, thereby setting a price range for the token and obtaining downside protection without spending stablecoins.