Treasury
Protocol-owned assets held in smart contracts, typically controlled by governance for funding development and operations.
In-Depth Explanation
Protocol treasuries hold native tokens, stablecoins, and other assets. Treasury size and composition affect protocol runway and ability to fund growth. Well-managed treasuries diversify beyond native tokens. Treasury value should be considered when valuing a protocol.
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Related Terms
Governance Token
A token that grants voting rights over protocol decisions, parameters, and treasury allocation.
Decentralized Autonomous Organization
DAOAn organization governed by smart contracts and token-holder voting rather than traditional corporate structure.
Runway
The length of time a protocol can continue operating given its treasury balance and burn rate.
More in Valuation
View all →Market Capitalization
Market CapThe total value of a token's circulating supply, calculated as price × circulating supply.
Fully Diluted Valuation
FDVThe theoretical market cap if all tokens (including locked, unvested, and unissued) were in circulation.
Price to Sales Ratio
P/SValuation metric comparing market cap (or FDV) to annualized revenue.
Price to Fees Ratio
P/FValuation metric comparing market cap (or FDV) to total fees generated, regardless of fee distribution.