I went back to check the Treasury wallet again for insomnia... To be honest, I’m trying to see if the project team is actually working. First, look at how the money is spent: whether it’s small, fragmented payments to developers, auditors, infrastructure—these “annoying little bills”—or a wave of transfers to unfamiliar new addresses with no follow-up. Don’t just look at the milestones in the PPT; it’s better if on-chain actions can be matched, such as contract upgrades, permission tightening, or rhythm changes before and after budget exhaustion.

Recently, some people have been complaining that on-chain data tools/tag systems are lagging and might even mislead, so I now prefer to track transfer paths myself and trust less in “labeled” data. I regret not the outcome, but that I initially saw Treasury spending increasingly resemble emotional consumption and still forced myself to find reasons… Never mind, I’ll leave it at that tonight.