Headline treasury figures are often mostly the protocol's own governance-token, valued at the market price. That valuation is fiction at scale, since selling any real quantity would move the price hard. The meaningful number is the stablecoin and blue-chip portion, which pays actual salaries.
Runway is the thing to compute: liquid assets divided by monthly spend. A treasury with two years of stable-asset runway can survive a bear market; one that must sell its own token into weakness to make payroll is in a reflexive trap.
Treasuries are also targets, for exploits and for governance capture. How funds are held, who can move them, and what timelock guards a transfer are as important as how much sits there.
Related: dao, governance-token, real-yield, timelock