Lately, I've been checking whether projects are seriously working, rather than focusing on how to hype up the roadmap first. Instead, I look at the treasury expenditures: where the money is going, whether the spending is stable. To put it simply, there are three things: whether there’s a rhythm to monthly spending (not being erratic like emotional trading), whether expenses align with milestones (such as what has been released, what has been fixed, whether audits are on schedule), and how the team explains when goals aren’t met—whether they review and learn or just shift blame.

These past couple of days, there’s been a fuss about NFT royalties. I feel the same: if you cut creator income for liquidity, fine, but at least deliver something that benefits the ecosystem. Otherwise, it’s just “saving money.” I just opened and then closed the project’s treasury dashboard, glanced at those payments made to “advisors/BD,” and felt a bit cold inside… Let’s wait and see; taking it slow is okay.