Lately, when I look at projects, I wonder if they're actually working on something. I'm more focused on how the treasury is spending: not on what grand roadmap they say they're going to do, but whether there are "measurable" milestones for acceptance once money is spent. For example, stable monthly expenses, clear payment recipients, deliverables that the community can review (even if it's just testnet data or audit progress), that kind of thing makes me feel more at ease; whereas, when the treasury funds are disbursed one by one, and the results are always "updated next week," it basically just turns into paying the team’s salaries.

By the way, I want to vent a bit—recently, with some places changing tax and compliance policies, I find my expectations for deposits and withdrawals immediately becoming more conservative. Even with leverage on, I don’t feel secure… So I’d rather avoid projects with unclear cash flow. If I need to withdraw, I might get stuck at one step.

That’s all for now. I’ll add the treasury addresses of a few projects I follow to my alarm, and also check if this week’s expenses and announcements match up.