I'm now checking whether the project is seriously working, rather than first looking at the narrative, but instead focusing on the pace of treasury spending: is the money allocated per milestone one by one, or is it a lump sum transferred to a bunch of "consultants/BD/marketing" with nothing clear? To put it simply, if they can break down the budget into specific deliverables (such as bridging, wallet integration, how to phase out liquidity subsidies, launch schedule), at least the team’s mind is still on it.

There was a previous treasury proposal for a chain that I really couldn't understand; it was written quite elaborately, with milestones all about words like "enhancing ecosystem activity"... I just decided not to move forward with it, and the bridge didn't pass anyway, since running back and forth on L2 isn't a big deal. Later, they started arguing again about the NFT royalty scheme: creators want income, traders want liquidity, and in the end, the treasury has to spend money on "subsidies," which just gives me a headache. Let’s wait until they clarify where the money is going and who will do the acceptance of deliverables before we talk.