Running on the chain at night, I casually checked the treasury spending records of a few projects. To put it simply, I judge whether they are working seriously or not, not by how sexy their claims of "modularization" or "DA layer narrative" sound (developers get excited, users are confused), but by whether the money is spent like a normal team: in a rhythmic manner, aligned with milestones, and the payment recipients aren't too mysterious. I'm most afraid of those who say they will deliver, but the treasury is stuck in "consultant fees/ecosystem incentives," and when mainnet Gas fees get high, it seems more like burning money to keep warm... I've also learned to be cautious now, setting smaller goals: not chasing a grand roadmap like a big pie, but focusing on whether the next step can be delivered on time, which makes it easier to stay engaged long-term. The risks are still the same—if it can't run, just pull out, for now.