Are the project team really getting things done seriously, or are they just swiping their way through the treasury like it’s a buffet card? I won’t pretend to know the full story—right now, I’m only watching two things: where the money goes, and whether there are corresponding, trackable milestones after it’s spent.

If most treasury outflows are just big buckets like “market/incentives/ecosystem partners,” with the sub-items so vague they drift around like slippage, then I basically treat it as a risk warning. On the other hand, if the spending can be broken down to traceable levels—down to specific addresses/receipts/invoices—along with a timeline, such as launching a certain feature on the mainnet this month, fixing a certain vulnerability next month, and completing an audit this quarter, then at least it looks like someone’s actually doing work.

Recently, with each new L1/L2 incentive, TVL gets pulled up immediately. And the old users’ complaints about “mining, selling, and so on” hit a nerve for me too… In plain terms: just scattering money isn’t a milestone. Whether they can actually build the basics—retention, product experience, and transaction fees/slippage—is the real assignment treasury spending should be delivering. For now, that’s it—I’ll keep eating while also setting my stop-loss.