# 9.3 Sensitivity Analysis

*Figure 9.C — Sensitivity Analysis (M12 Base Case Organic Yield)*

<table data-header-hidden><thead><tr><th width="187.7777099609375"></th><th width="90.22222900390625"></th><th width="91.55560302734375"></th><th width="98.0001220703125"></th><th></th></tr></thead><tbody><tr><td>Variable</td><td>-20%</td><td>Base</td><td>+20%</td><td>Sensitivity</td></tr><tr><td>API Volume</td><td>5.8%</td><td>7.2%</td><td>8.6%</td><td>High</td></tr><tr><td>API Price</td><td>5.8%</td><td>7.2%</td><td>8.6%</td><td>High</td></tr><tr><td>Vault TVL</td><td>9.0%</td><td>7.2%</td><td>6.0%</td><td>High (inverse relationship)</td></tr><tr><td>Operator Allocation</td><td>8.0%</td><td>7.2%</td><td>6.4%</td><td>Moderate</td></tr><tr><td>Burn Rate</td><td>7.4%</td><td>7.2%</td><td>7.0%</td><td>Low</td></tr><tr><td>$QBTL Price</td><td>7.2%</td><td>7.2%</td><td>7.2%</td><td>None (USD-denominated fees)</td></tr></tbody></table>

#### Interpretation

The three most sensitive variables are:

* API volume
* API pricing
* Vault TVL

Financial sustainability is primarily dependent on achieving sufficient API demand, defined as **≥6% organic yield**.

Vault TVL exhibits an **inverse relationship**: excessive capital inflows without proportional demand growth dilute returns. This creates a natural equilibrium, which governance can further manage through deposit caps or parameter adjustments.


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