/// Reading the chain
/// Treasury & backing
Treasury & backing
A DAO's backing is whitelisted reserves plus its two Uniswap v4 curve legs — and every piece of it is valued the cautious way, so the number cannot be pumped in a single block and never counts money that has not actually arrived.
/// The two parts
What counts as backing
Backing is made of two things. First, the whitelisted reserves — the assets the treasury literally holds, with WETH as the anchor. Second, the two single-sided curve legs: the WETH leg and the gROHM leg of the DAO's Uniswap v4 pools, tracked per-DAO by a CurveLegReceipt. Together these give a fresh DAO real backing from the moment it is founded.
What is not backing matters just as much: uncollected swap fees are excluded. Fees only count once they are collected and land in the reserves — the treasury never marks itself up on money that is still sitting unclaimed in a pool.
/// Valued conservatively
The lower-of-three rule
Spotcandidatecurrent pool tick
TWAPcandidatetime-weighted average
Pre-block tickcandidatestate before this block
Backing usesmin(·)the lowest of the three
GRohmBackingFeed — how the legs are pricedcannot be pumped in one block
- ✦curve legs valued at min(spot, twap, pre-block tick)
- ✦a one-block pump moves spot, but not twap or the pre-block tick
- ✦so backing tracks the lowest, most defensible of the three
- ✦uncollected fees are excluded until collected
- ✦the CurveLegReceipt values each DAO's legs independently
The point of taking the minimum of spot, TWAP, and the pre-block tick is that an attacker who slams the pool to inflate the marked backing only moves spot. The time-weighted average and the tick as it stood before this block are untouched, so the feed keeps quoting the low number. Backing can rise as the pool genuinely appreciates over time — it just cannot be jacked up for the length of one transaction.
/// The reserve set
A feed-backed whitelist, capped at 30
Max reserves30feed-backed assets per DAO
Index 0WETHpinned — always the anchor
The restCreator-pickedfrom the ROHME master list
Who chooses what backs the treasuryWETH pinned at index 0
Each DAO carries a reserve whitelist of at most 30 assets, and every one of them must be backed by a price feed — no unpriceable tokens can sneak into the backing math. Slot zero is always WETH; the creator fills the remaining slots by choosing from ROHME's vetted master list, not by nominating arbitrary addresses.
Exotic assets are handled separately: they can only back LP-bonds and are valued by a ROHME-vetted oracle rather than entering the reserve set directly. See the bond docs for how that path works.