This essay from the DAO Research Collective observes that a DAO’s treasury is crucial to the longevity of the organization as it holds the financial fuel for future development and growth.This piece dives into two factors in treasury development: diversification and liquidity provisioning. On the diversification side, the piece explores token sales, revenue, and DAO debt as potential avenues to achieving a truly diversified treasury. On the liquidity side, mining incentives and protocol-owned liquidity are discussed, amongst other more novel methods. All in all, it remains to be seen how effective many of these treasury tactics will be given their relatively limited use across the ecosystem. Besides token sales, most DAO treasuries remain in native tokens, ETH, and stablecoins, often at unfavorable balances.