To see if the project team is actually working, I'm now more focused on how the treasury is being spent... No matter how good the milestones look on paper, they can be easily faked; where the money goes is even harder to verify. I can still trust development, audits, and incentives if they spend more "clumsily"; but if they start flooding KOLs, organizing events, and doing various collaborations right away, while on-chain contributions haven't kept up, I start feeling guilty and my hands tremble, wanting to reduce my holdings.

And also, do they dare to clarify their expenses: who signed off, how multi-signature is set up, whether the community can block it. Honestly, transparency isn't a bonus; it's a baseline.

By the way, I've been annoyed by the recent debates in the community about privacy coins/mixing compliance... If the project truly wants to last long, don’t keep shouting about privacy and freedom while secretly moving funds through the treasury. Bluster won't help; a chain audit will expose it all. Anyway, I tend to run first when I see reckless spending, to avoid getting caught in the crossfire of greed and hot words.