Formula and accounting assumptions
Stressed spendable value equals cash plus token quantity × stressed price × (1 − liquidation haircut), minus the restricted amount, with a zero lower bound. Monthly stressed net cash flow equals expected revenue × retained-revenue percentage minus operating expenses. Add that net flow over the entered budget horizon. A negative ending balance is reported alongside the additional funding needed to close the modeled horizon gap.
Worked hypothetical example
Suppose a treasury has $100 in cash and 100 tokens initially priced at $2. A 50% token-price decline leaves $100 of token value; a 20% liquidation haircut reduces its spendable contribution to $80. Excluding $30 of restricted value leaves $150 available. If $10 of monthly revenue retains only 50% while expenses are $20, the monthly deficit is $15. Over twelve months the ending balance is minus $30, creating a $30 funding gap.
Interpret the scenarios and limits
These are explicit stress assumptions, not a forecast of token markets or protocol solvency. Restricted funds should not be counted as spendable simply because their balance is visible. The haircut assumes tokens can actually be sold at the resulting average value; liquidity constraints can be more severe. Taxes, financing, changing expenses and staged token sales are omitted. The price-shock rows help distinguish cash resilience from dependence on an asset whose price may also be correlated with protocol revenue.