I’m looking to see whether the project is really doing solid work; the most direct thing is to watch how the treasury is spending. It’s not that spending less is better, but once the money goes out, can we see the corresponding things show up within one or two weeks: the documentation gets filled in, product iterations move with rhythm, bugs get fixed, and collaborations aren’t just for show or on paper. Those big, line-item “market/community” spending bursts—ending up only in a bunch of reposts and memes—I basically mentally cross them out.

Recently, social mining and fan tokens have gotten hot again. Everyone says attention is being mined... To be blunt, attention is indeed valuable, but if treasury spending is tied to “attention,” while the milestones are forever vague, then it’s probably just finding excuses for the data. Anyway, I’d rather see them spend money on things that can be reused—slower is fine—just don’t have excitement every day but no progress.