Lately, when checking if a project is "really working," I prefer to review the treasury expenditures and milestones to see if they match: where the money is spent, how often it’s spent, and whether each expenditure corresponds to a verifiable progress (such as deployment, audits, migrations, data panel updates). The worst are those treasuries that transfer funds outward one by one, looking lively, but the milestones are always stuck at "almost there." To put it simply, money isn’t the problem; the key is that after spending, traces can be seen on the chain or in the product. Recently, the expectations of rate cuts and the dollar index have been stirred up again, and during times when risk assets are volatile, it’s even more obvious: when the market heats up, many projects just use "narratives" to push progress. I’ve stared at this for so long that my eyes hurt and my neck stiffened, so I simply turned the checklist into small actions: budget rhythm, delivery rhythm, and whether there’s a review if problems arise... Anyway, I’d rather slow down compound growth than get hurt by a "milestone PPT."