Treasury and runway: key words

The money an organisation holds to pay its way: cash at banks, stablecoins, tokens and other assets. Source

A project's own token, such as UNI for Uniswap or OP for Optimism. Many DAO treasuries hold mostly their native token. Source

The everyday costs of running an organisation, such as payroll, legal, accounting and office costs. Source

How long the money an organisation can spend will cover its operating expenses, usually counted in months. Source

A rule that a set amount must always be kept in stablecoins. ENS DAO's 2026 policy sets it at three years of operating expenses. Source

Checking how a plan or balance sheet would hold up under a hypothetical bad scenario, such as a deep recession or a big price fall. Source

Holding a large share of a treasury in one asset, or with one bank, platform or protocol. Source

The risk of losing assets held for you because the holder goes bust, is careless, commits fraud or keeps poor records. Source

Government cover for bank deposits if a bank fails. In the US it covers $250,000 per depositor, per insured bank, per ownership category, and not crypto. Source

A written policy that sets a treasury's goals, risk limits, allowed assets, roles and reporting. Source

An order that splits a large trade into smaller limit orders spread over time. TWAP stands for time-weighted average price. Source

Selling tokens directly to chosen buyers instead of on an open market, often with a lock-up. Source

An agreement that stops holders selling for a set time. Source

The principle that no one person should have enough power to misuse a system alone. For example, the person who approves a payment should not also prepare it. Source