Lately, when I check whether a project is really getting down to work, I end up focusing on how the treasury is spending it first: it’s not that spending less is good—what matters is whether, after the money goes out, there’s a sense of “delivery” that can keep up with the milestones. For example, for things like development, audits, and ecosystem support—at least you need to see the schedule matching up. Don’t be saying you’re pushing the roadmap while the treasury keeps making payments as if it’s leaking everywhere.

These past two days, there have been a whole batch of new L1/L2 incentive programs to boost TVL, and it’s also normal that old users complain about “mining, selling”… To put it plainly, incentives aren’t the sin by themselves, but if the treasury’s spending all gets smashed into short-term subsidies and the chain can’t retain users, then it’s basically just burning money to buy excitement. My mindset lately feels like a software update: v1 still gets moved by announcements, v2 starts only caring about delivery, and v3 directly looks first at large deposits and withdrawals and abnormal addresses. If it doesn’t line up, I’ll just wait and see. Anyway, if the bridge side is delayed even a bit, my heart will already turn cold by half.