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Treasury is a pot of funds to accumulate funds to be spent for some purpose later on.
One way to manage the treasury is by a majority vote from a council like on Kusama network. Are there other ways to manage the treasury? If yes, what are these ways please?
It's totally up to you.
You can manage it through your custom pallet.
For example, you have a pallet-fun. And this pallet can transfer some balances from the treasury to a random account every block.
For Polkadot: https://wiki.polkadot.network/docs/learn-treasury
