@beckmac-

Governance or dividend potential justifies retaining a long-term allocation. Estimating value requires projecting protocol revenue, treasury growth, or incentive flow, then discounting expected cash flows to present value. While precise forecasting is difficult, relative comparisons to similar projects can guide sizing. A prudent strategy is to lock in short-term profit with partial liquidation while reserving a smaller, risk-tolerant tranche for governance or yield utility. This ensures participation in upside without tying up excessive capital. Long-term retention should be proportional to both utility expectations and the investor’s tolerance for illiquidity.

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