I'm now looking at whether the project is seriously working, but instead I first focus on how the treasury is spending: it's not about how many "milestones" they've issued, but whether the spending rhythm looks like actual work—whether the budget has been broken down very finely, whether payments are linked to deliveries, whether the people spending money and the people accepting the work are the same group... To put it simply, the more "clumsy" and traceable the money is spent, the more I feel at ease.

Recently, everyone has been complaining about validator income, MEV, and fair ordering, and I can understand: when on-chain rules change, the ones who end up suffering are always retail investors. So I consider "infrastructure/security/audits" as a bonus, but on the other hand, sponsoring events, KOLs, and various "ecosystem incentives" without seeing any output makes me a bit guilty.

Because of this, I also recently paid attention to a project, but after flipping through two pages of treasury transactions, I found that the milestones looked like a PowerPoint presentation, but the money was flowing very quickly... I silently unfollowed it to avoid starting self-hypnosis again when looking at the K-line. That's all for now.