fix(treasury): honest-copy notes — thin-market Sendit, whose money is staked

Three notes that keep adjacent numbers from lying by omission:

- Sendit's value gets a qualitative thin-market caveat (its screen
  price comes from one Uniswap pool with ~$0.44 of daily volume). No
  number in the UI — a fixed percentage would age into misinformation;
  the dated measurement (2026-08-23: full 474M exit realizes 88.6% of
  screen, 10% tranche 96.9%, reserve ~$115k) lives in the code comment.
- The sponsorship card's Total staked says it is BACKERS' money — the
  same word 'staked' sits centimeters from the DeFi card's 'vault
  shares $0', and without the line the two read as a contradiction.
- treasury.ts documents the page-headline consequence of marking any
  token unpriced: one null price nulls the whole total (a total missing
  a part is an unknown total, not a smaller one) — so the next person
  knows BEFORE flipping that switch.

Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>

Author: sktbrd

messages/en/treasury.json

@@ -27,7 +27,8 @@
     "description": "ERC-20 tokens held in the treasury",
     "empty": "No tokens found",
     "emptyDescription": "The treasury currently holds no ERC-20 tokens",
-    "errorLoading": "Error loading token holdings: {error}"
+    "errorLoading": "Error loading token holdings: {error}",
+    "thinMarketNote": "market-price estimate from one low-volume pool — a full exit would realize less than shown"
   },
   "zoraCoin": {
     "title": "Zora Coins",
@@ -117,7 +118,8 @@
     "govCta": "Start redeem proposal",
     "accrualNote": "Fees materialize when someone interacts with a vault, not continuously — the figures can sit still for weeks, then jump all at once. An older small vault can carry more accrued fee than a big recent one.",
     "fromVaults": "Vault fee",
-    "fromMor": "MOR rewards"
+    "fromMor": "MOR rewards",
+    "stakedNote": "Backers' money staked behind the riders — not the treasury's own position (that lives under In DeFi)."
   },
   "defi": {
     "title": "In DeFi",

messages/pt-br/treasury.json

@@ -27,7 +27,8 @@
     "description": "Tokens ERC-20 mantidos no tesouro",
     "empty": "Nenhum token encontrado",
     "emptyDescription": "O tesouro não tem tokens ERC-20 no momento",
-    "errorLoading": "Erro ao carregar holdings de tokens: {error}"
+    "errorLoading": "Erro ao carregar holdings de tokens: {error}",
+    "thinMarketNote": "estimativa a preço de mercado de um pool de baixo volume — a saída integral realizaria menos que o valor de tela"
   },
   "zoraCoin": {
     "title": "Zora Coins",
@@ -117,7 +118,8 @@
     "govCta": "Abrir proposta de resgate",
     "accrualNote": "O rendimento materializa quando alguém interage com o vault, não de forma contínua — os números podem ficar parados por semanas e pular de uma vez. Um vault pequeno e antigo pode acumular mais que um grande e recente.",
     "fromVaults": "Taxa dos vaults",
-    "fromMor": "Recompensas MOR"
+    "fromMor": "Recompensas MOR",
+    "stakedNote": "Dinheiro de apoiadores atrás dos riders — não é posição do tesouro (essa fica em Em DeFi)."
   },
   "defi": {
     "title": "Em DeFi",

src/components/treasury/SponsorshipYield.tsx

@@ -211,11 +211,20 @@ export function SponsorshipYield({ brlRate = null }: { brlRate?: number | null }
           </ul>
         </div>
 
-        <div className="flex items-baseline justify-between gap-2.5 border-t border-border pt-3">
-          <span className="text-xs text-muted-foreground">{t("totalTvl")}</span>
-          <span className="font-mono text-sm font-semibold tabular-nums">
-            {graph ? usd(totalTvl) : "—"}
-          </span>
+        <div className="border-t border-border pt-3">
+          <div className="flex items-baseline justify-between gap-2.5">
+            <span className="text-xs text-muted-foreground">{t("totalTvl")}</span>
+            <span className="font-mono text-sm font-semibold tabular-nums">
+              {graph ? usd(totalTvl) : "—"}
+            </span>
+          </div>
+          {/* Same word ("staked"), different subject: this figure is the
+              SUPPORTERS' money behind the riders. The treasury's own position
+              sits centimeters below in the In DeFi card — without this line,
+              "$79k staked" next to "vault shares $0" reads as a contradiction. */}
+          <p className="mt-1 text-[11px] leading-snug text-muted-foreground/70">
+            {t("stakedNote")}
+          </p>
         </div>
 
         {claimable.length > 0 ? (

src/components/treasury/TokenHoldingsClient.tsx

@@ -3,6 +3,7 @@
 import { useLocale, useTranslations } from "next-intl";
 import Image from "next/image";
 import { Card, CardContent, CardDescription, CardHeader, CardTitle } from "@/components/ui/card";
+import { TREASURY_TOKEN_ALLOWLIST } from "@/lib/config";
 import { formatFiatUsd } from "@/lib/i18n/fiat";
 import { toIntlLocale } from "@/lib/i18n/format";
 import { FiatFallbackNote } from "./FiatFallbackNote";
@@ -106,6 +107,19 @@ export function TokenHoldingsClient({ tokens, error, brlRate = null }: TokenHold
                 <div className="text-sm text-muted-foreground tabular-nums">
                   {formatBalance(token.balance, token.decimals)} {token.symbol}
                 </div>
+                {/* Sendit trades in exactly one thin-volume Uniswap pool, so
+                    its screen price is a market estimate, not an exit value.
+                    Measured 2026-08-23 (UTC), QuoterV2 against the Sendit/WETH
+                    0.3% pool (reserve ~$115k, 24h vol $0.44): selling the full
+                    474M position in one swap realized 88.6% of screen price;
+                    a 10% tranche realized 96.9%. The note is deliberately
+                    qualitative — a number would age into misinformation. */}
+                {token.contractAddress.toLowerCase() ===
+                  TREASURY_TOKEN_ALLOWLIST.SENDIT.toLowerCase() && (
+                  <div className="mt-0.5 max-w-[13rem] text-[11px] leading-snug text-muted-foreground/80">
+                    {t("tokens.thinMarketNote")}
+                  </div>
+                )}
               </div>
             </li>
           ))}

src/services/treasury.ts

@@ -129,6 +129,14 @@ export const loadTreasurySnapshot = cache(
     const nativeEthUsd = ethBalance * (ethUsd ?? 0);
     // `null` = "we could not price this", which every consumer must render as
     // unavailable. It is never the same thing as a treasury worth $0.
+    //
+    // KNOW THIS BEFORE MARKING ANY TOKEN AS UNPRICED: a total missing one part
+    // is not a smaller total — it is an UNKNOWN total. One `null` price here
+    // nulls `usdTotal`, and the page's headline number becomes a dash. That is
+    // deliberate (a confident wrong figure is worse), but it means "mark token
+    // X as unpriceable" is a page-headline decision, not a row decision. If a
+    // partial figure is ever wanted instead, use the DeFi card's pattern: a
+    // labeled floor ("known so far"), never a silent subtraction.
     const usdTotal: number | null = priced ? tokensUsd + nativeEthUsd : null;
     const totalAuctionSales = Number(formatEther(auctionSalesWei));