Actually, everyone understands that the project team is doing the work; there's no need to listen to their vision. Just look at how the treasury spends, and you'll have a pretty good idea. Recently, I've gotten into the habit of watching two things: whether funds are being released milestone by milestone (completing A then allocating B), and whether the expenditure structure has "long-term costs"—for example, security audits, market making/liquidity subsidies, core developer salaries, and whether their proportions are stable. On the other hand, large one-time transfers with vague reasons—I just ignore them for now...

These days, I also saw comparisons between RWA, US bond yields, and on-chain yield products. To be honest, returns aren't the main point; sustainability is. If the treasury relies on short-term high yields to support the narrative but keeps delaying milestone deliveries, I find it hard to believe. Anyway, after I finish reviewing, I’ll take a quick screenshot of the treasury flow and timeline and save it in my album. A month or two later, I can compare it, and it’s pretty useful.