When it comes to the long-term development of crypto protocols, governance models often determine how far they can go. Take the Walrus protocol as an example; it hands the steering wheel of the future to $WAL holders, driving the protocol's evolution through a decentralized autonomous organization (DAO).

**How to Calculate the Treasury Account**

The transaction fees generated by the protocol's operation are partially allocated to the community treasury. As a $WAL holder, you have the right to participate in voting: Should this money be used to support ecological projects, promote liquidity mining, hire security audit teams, or be used to buy back and burn tokens? Each choice directly impacts the community's economic cycle.

**Parameter Adjustment: Who Decides**

What should be the fee for privacy transactions? How should storage services be priced? How are staking rewards for different node types allocated? These seemingly technical questions actually shape the protocol's competitiveness. Setting parameters reasonably gives the protocol more vitality; unreasonable adjustments may weaken its market appeal. This power is also held by the community.

**Decisions on Technical Roadmap**

More importantly, decisions on technical upgrades. For example, whether to upgrade from ring signatures to zk-SNARKs for privacy solutions? Should support be added for new storage types? Is cross-chain integration into other ecosystems necessary? These major decisions are not made by a single team but require community voting. A single vote can determine the protocol's future tech stack.

**Thresholds for Ecosystem Collaboration**

Which wallets, oracles, or cross-chain bridges to establish official partnerships with? Which DeFi protocols to integrate? These ecosystem collaboration decisions also require community consensus. It’s not just a strategic issue but also relates to the protocol’s openness and usability.

**Why Participate in Governance**

Participating in governance is not just a right but an active measure to protect the value of your assets. An active, rational, and forward-looking governance community is the soft power behind the long-term success of projects like Walrus. For investors, thoroughly researching a protocol’s governance history and community atmosphere is a key indicator of its long-term potential. By observing community voting participation, discussion quality, and decision execution efficiency, you can roughly assess whether this project is worth engaging with.