I'm not very good at doing those "financial report-level" breakdowns, but to see if the project team is actually working, I will first focus on where the treasury funds are being spent. Honestly, I'm not afraid of them spending money; I'm afraid that all the money is spent on publicity, various collaboration posters, KOL rotations, while on-chain records look lively, but the product and documentation remain stagnant.

What I prefer to see is: expenses that match milestones, such as audits, infrastructure, developer support, bug bounties—things that may not look glamorous but are practical; also, whether the team conducts post-mortem reviews at each milestone, explaining reasons if they can't meet them, rather than treating the roadmap as wallpaper.

Recently, there's been a bunch of incentives for testnets, expectations for points, and everyone is guessing whether the mainnet will issue tokens... I also get tempted, but I remind myself not to be led by points. If the treasury can be used to truly launch the mainnet and solidify security, even if it’s slower, I feel more at ease. Anyway, I’ll just watch slowly, for now.