If RSV is large enough and circulating fast enough, then the project can partcicipate in RSR-powered arbitrage pro-rata and maintain the same fraction of ownership of RSR over time, without selling any RSR on the open market. Let me explain with an example. Say that there are 20M RSV from fees and colalteral appreciation in a given year, and say that the project holds 50% of RSR in that year. The 20M RSV would lead to about $20M in RSR being paid to the smart contract and burnt, in exchage for the 20M RSV. So if the project participated pro-rata that would mean it would have traded in about $10M in RSR for 10M RSV. But it would still hold 50% of RSR at the end of the year, as twice that much would have been burnt. Thus the project would have 10M RSV in revenue while still holding the same fraction of RSR, and not selling any RSR on the open maket. Until we reach a state where the numbers will add up this way, the project will sometimes sell RSR in order to pay for expenses.