How Does a Decentralized Autonomous Organization (DAO) Treasury Factor into the DCF Valuation of Its Token?

A DAO treasury, which holds assets and protocol revenue, represents a claimable asset for token holders, making it a key component of intrinsic value. In a DCF model, the treasury's current value can be treated as an immediate asset, and its future growth (from protocol fees or investments) can be modeled as a future cash flow.

The valuation must account for the likelihood and mechanism of the treasury's distribution to token holders, as well as the governance risk that the funds are misused.