Ever since I started tracking how the project treasury spends money, my mindset has actually become more stable: in the past, I would read the milestones as overly elaborate, but once the money was spent, it felt like it was thrown into a black hole. After a couple of months, I’d see it again as a cycle of "ecosystem collaboration" and "community incentives." Now I focus on a few very basic signals: whether, after spending, there are reusable things left (code, documentation, data, reviews), and whether the next milestone has become more specific out of necessity. If the narrative is always maintained by emotion, then no matter how large the treasury is, it’s just more fuel for burning. By the way, recently everyone has been explaining the rise and fall of ETF fund flows and US stock risk appetite together, and I find it quite amusing — macro factors certainly have an impact, but some projects can’t even explain their own accounts, so don’t always blame external trends; first, spend the money clearly.