Single-token treasuries keep almost everything in their own coin. Uniswap holds $1.05B, mostly UNI. That looks great when the token is up and becomes a trap when it is not, because the treasury and the token crash together.

Diversified treasuries spread the risk instead. Mantle leads at $1.59B across multiple assets, and 310 DAOs now store this way versus just 50 that stay single-token.

The gap says a lot: 310 diversified DAOs holding $4.40B already outweigh the 50 concentrated ones on $3.17B. The market is slowly learning that a treasury denominated in your own token is not really a treasury.