In the governance design of a certain leading Stablecoin protocol, the role of locked tokens has far exceeded the definition of an "incentive tool," quietly evolving into a form of substantive protocol equity.

From a power distribution perspective, long-term lock-up participants hold not symbolic voting rights but real authority that can directly influence three core variables: stability fee rate, collateral parameters, and incentive direction. These seemingly technical choices actually determine the overall speed of the financial system's operation, its risk tolerance, and growth ceiling. The more tokens locked, the greater the say in deciding how fast this "financial machine" runs, whether it dares to be aggressive, and ultimately how much profit it can generate.

But what’s truly interesting is the revenue port. Long-term lock-up participants receive not only the released tokens but also cash flows directly linked to real revenue, such as stability fees. As long as the protocol generates genuine trading activity, it will continuously produce income, which ultimately flows to those who remain committed over the long term. This means the token’s value support shifts from "storytelling" to "data-driven," directly related to actual business volume.

Adding another layer of logic: long-term holders share in the protocol’s upside but also bear the consequences of aggressive decisions. If they blindly expand high-risk exposure for short-term gains, it can lead to increased liquidation risk and a decline in system reputation. The first to blow up is often the position with the heaviest stake. This inherent alignment of interests naturally pushes decision-making toward long-term stability.

Therefore, from a structural perspective, this type of protocol is experimenting with a rare DeFi model: not the traditional "user + platform" relationship, but a closed loop where "users are owners, and owners are decision-makers." Once this mechanism operates smoothly, the valuation logic of the token will inevitably align more closely with protocol equity.