I just checked a project's treasury report, and my first reaction wasn't "Wow, so transparent," but rather: Is this money really being used for work, or is it just for meetings and coffee... I'm a bit stubborn; when TVL rises, I call it fake first, and when the treasury is spent heavily, I also suspect.

Honestly, when I look at "serious work," I focus on two things: whether the money spent aligns with milestones (like code, integration, audits, real user feedback), and whether the pace is steady. I'm most worried about projects that every month talk about "ecosystem cooperation/market promotion" but there's no movement on-chain, and their commits look like an electrocardiogram. Conversely, if the expenses are small but they deliver a little each time, even slowly, I'm willing to keep observing.

Recently, during that extreme fee rate wave, the group argued whether to reverse or keep pumping the bubble. I think it’s quite similar to treasury logic: when it's hot, everyone dares to make big promises; when it cools down, you see who’s actually sticking to the plan and getting the work done. Anyway, I’ll start with a small amount to test; if the new protocol is really good, it might also be a trap... that’s all for now.