This treasury setup low-key reminds me of how some DAOs in 2021 accidentally became mini-venture funds, except Turtle’s version is way more operationally tied to its core product. Earning tokens via user acquisition, recycling them into yield positions, and holding unrealized upside feels like a hybrid between an ad network’s rev-share and a hedge fund’s carry model. If they ever tied staking to treasury yield, the real question becomes, do they lean Compound-style (steady, capped, sustainable) or go full GMX early-days (high rev share, high hype, potential burn-out)?