How do you build a treasury runway table with a token price stress test?

Step 1: list what can be spent

Start with money that can pay bills without selling anything: dollars at the bank and stablecoins. ENS DAO's policy counts only stablecoins towards its minimum runway, and the Uniswap Foundation reports its dollars and stablecoins separately from its tokens.^2,4 Everything else goes on a separate line, at a dated price.⁴

Step 2: work out the burn

The burn is what goes out each month, minus what comes in. This is our own worked method, used in the quiz.^1,5 Brindlecove has no revenue, so its burn is its spending: $300,000 a month. Its runway with no sales is $3,600,000 ÷ $300,000 = 12 months.¹

Step 3: plan the token sales

Next, add any planned token sales at a stated price. Lesson 4 showed that a sale split over time can raise less than planned if the price falls below the seller's limit.^6,1

Step 4: run it month by month

A table makes the timing visible. ENS DAO checks its runway against its floor every week.² Each row is last month's balance, minus the burn, plus what the token sales raised.^1,5

Step 5: stress test the price

A stress test asks how a plan holds up in a bad but possible scenario, as the Federal Reserve does for banks with a hypothetical recession.³ Big price falls happen: KPK reported that ENS DAO's endowment lost about a third of its value between January and June 2026, mostly because of the ETH price.⁷

Step 6: compare with the policy, and report

The last step is to compare each result with the floor in the policy, and say plainly which scenario the report uses.^2,4 ENS's policy says its stablecoin floor comes before every other target.²