Lately, I've been looking at the project "Are They Seriously Doing the Work," but I’m actually more focused on the pace of treasury spending. It’s not about how much is spent, but whether there are corresponding milestones after the money is disbursed: for example, launching new oracle sources, implementing delay monitoring, adding anti-manipulation measures. Yet, the treasury keeps allocating funds one by one, and on-chain, the old interfaces and price feeds remain unchanged, which is basically just fooling around... I tend to be suspicious; I’d rather see them lock the money in multisig wallets and spend it slowly, than see “ecosystem incentives” get bundled up and then disappear without follow-up.

Recently, the flow of ETF funds and the interpretation of risk appetite in the US stock market have become popular again. When everyone’s sentiment heats up, they assume projects can just follow the rise. But real issues are often not macroeconomic; it’s about where the treasury money went, who signed off, whether there’s a review or patch after problems occur. Frankly, the destination of the money is more important than just talking tough.