Operating liquid staking derivatives and governance tokens for three years, the biggest turning point was completely changing the "each type of rights and interests fighting separately" approach.

In the first two years, my thinking was actually quite twisted—staking certificates, liquidity tokens, governance tokens—I forcibly treated them as three independent revenue streams. Staking certificates were only used to lock in contribution, liquidity tokens focused solely on liquidation mechanism profits, and governance tokens chased short-term waves. To achieve a sharper increase in a particular category in the short term, I even cut positions in other assets. The most memorable mistake was when I unlocked the core position of the staking certificate to boost the short-term market of governance tokens. What was the result? Contribution instantly reset to zero, ecosystem subsidies disappeared, and the credit rating of the liquidity category also dropped afterward. Ultimately, the gains from this round of market shrank by nearly 30%.

That pitfall taught me an important lesson: the real growth of such a portfolio is not about betting on short-term gains of a single category, but about establishing a system where "rights and interests nourish each other."

What exactly to do? It’s about breaking the isolated mindset of rights and interests, allowing the three asset types to form a closed loop of mutual reinforcement—leveraging the contribution advantage accumulated by staking certificates to directly upgrade the liquidation weight and mechanism profits of liquidity categories; liquidity profits then support the stability and risk hedging of governance token positions; meanwhile, the ecological rewards and rule dividends obtained by governance tokens can feedback into the deep exploration and multiple amplification of staking certificates. This way, it no longer relies on market fluctuations; the internal cycle itself continuously generates growth.