In stablecoin liquidity management, many teams have fallen into a common pitfall—权益折旧 (equity depreciation). It sounds unfamiliar, but in reality, it’s quite powerful.

What exactly is going on? slisBNB’s staking period extension causes your capital occupation costs to continuously increase; clisBNB’s circulating value shrinks after the project enters a recession phase; LISTA’s governance weight is also diluted due to ecosystem changes. These depreciations seem to happen slowly, but over time, they can eat away a significant portion of returns.

Data speaks: teams using traditional static strategies typically lose about 15%-20% of their earnings annually due to权益折旧. One team, because they didn’t keep up with changes in LISTA’s governance weight, saw their voting power shrink by 40% in half a year, not to mention the worst case—their quarterly earnings were cut by $52,000.

What’s the solution? Active hedging. An innovative team proposed an权益折旧 reverse management system, dynamically adjusting the positions of three types of权益 to both preserve and increase value. They ran a pilot with a $500,000 fund pool, achieving an annualized return of 72.5%, with a maximum drawdown of only 1.05%, and over 68% of the extra gains came from depreciation hedging.

The core difference is this—passive acceptance vs. active intervention. While others are still debating entry timing, smart teams are already managing the decay risks at every step with precision.