Thank you for the detailed discussion, @ttt_vn, and for presenting specific numbers.
I have clarified the key points based on the same assumptions(correct me if the number is wrong 
).
If we assume that protocol revenue remains constant and delegations are evenly distributed among validators, delegators will incur a loss of around 15%, and Big Validators will see little to no benefit.
On the other hand:
- Small validators will experience a revenue increase of over 40%.
- Medium validators will see their revenue increase by over 14%.
For all entities to benefit, protocol revenue would need to increase by at least 17%.
Ref: dYdX Token APR Simulation With Treasury SubDAO
To achieve this, we need to establish a strategy and consider the question: “How can we increase protocol revenue by at least 17% using the Treasury SubDAO revenue?”
I would also be interested in understanding the strategic approach @karpatkey is considering from this perspective.
Additionally, it is clear that delegators are bearing the risk disproportionately. Perhaps, as a way to share the risk more equitably, we could explore lowering the minimum commission for validators? (Just an idea.)
In any case, it’s crucial for the entire community to come together and discuss ways to increase protocol revenue.