I just came across a project’s treasury spending breakdown, and it suddenly made me a little more clear-headed: teams that are actually doing the work end up spending money in a surprisingly “boring” way—development, audits, subsidy checkpoint/entry nodes, documentation maintenance, and the like. Their schedule lines up with the milestones, and you can also see on Gas that the interactions gradually increase. By contrast, when it’s the kind of setup where they transfer a large amount out at random and the notes are written in a very cryptic, hard-to-read way, I instinctively keep my distance.

Recently, the modularization and the DA-layer narrative have been getting developers excited, but ordinary users really do look totally lost… Right now, I’m watching two things: where the money is going, and whether the milestones are actually landing in reality (even if it’s just small features). Plainly put, fewer “storytelling” claims, more verifiable traces on-chain—that’s what makes me feel comfortable slowly adding to my position.