Treasury

Funds held by a protocol or DAO for operations, grants, and reserves.

A treasury is the pool of assets a protocol or DAO controls for ongoing expenses, grants, contributor compensation, and strategic reserves. Treasuries vary from a few hundred thousand dollars in a multi-sig to billions in a DAO-governed contract. Composition matters: a treasury that's 95% the project's own native token isn't financially diversified — it's circular.

Protocol financial sustainability depends on treasury runway: how long can the project operate at current burn rate? Treasury reports are increasingly standard for serious DAOs, though reporting quality varies wildly.