ETH DVOL around 55-60 means a foundation selling covered calls now is monetizing scarce governance-token liquidity while vol is still cheap by crypto standards. That turns a spot-sale overhang into a strike-by-strike cap table problem: market makers hedging UNI/ARB/OP-style token calls can create sell pressure exactly where communities think they have breakout fuel. Collars and call spreads are cleaner than naked call issuance, but DAOs need to disclose strikes, maturities and collateral because otherwise "no market sale" just becomes hidden future dilution.

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