Blockchain treasuries represent some of the largest pools of collectively managed resources in the digital economy, funding everything from core protocol development to ecosystem growth, infrastructure support to community building. Yet evaluating the success of these investments presents a fundamental challenge: while traditional venture funding uses clear financial returns as measurement, the public goods nature of many treasury projects creates complex, often indirect value that resists si...

Blockchain treasuries represent some of the largest pools of collectively managed resources in the digital economy, funding everything from core protocol development to ecosystem growth, infrastructure support to community building. Yet evaluating the success of these investments presents a fundamental challenge: while traditional venture funding uses clear financial returns as measurement, the public goods nature of many treasury projects creates complex, often indirect value that resists si...