I almost copied the wrong transfer address just now. I only noticed that I was missing a letter two seconds before I hit confirm… my heart rate shot straight up. That one moment reminded me again to check whether the project team is really serious: don’t just look at how pretty their roadmap looks—I’d rather see how they spend their treasury.

Honestly, where the money flows is the most straightforward indicator. For a project that’s actually doing its job, the pace of spending should roughly line up with the milestones. For example, first they fund things like security audits, development, and infrastructure—“not glamorous” but necessary expenses—then they move on to operations and partnerships, like running co-branded campaigns. But if they dump huge amounts into the market, KOLs, or events right out of the gate, while the milestones are still stuck at “coming soon,” I get a little wary. It feels like they’re buying sentiment instead of building a product.

The recent back-and-forth over NFT royalties is also pretty annoying: creators want income, while secondary traders complain that it affects liquidity… But when it comes to the treasury, it’s the same story. Does the project truly set aside ongoing budget in the treasury for tools, incentives, and contract upgrades, or will they just issue a statement and call it done? Either way, I’d rather go slower now—no cutting in line, no performing. That’s it for now.