Recently, I've been forcing myself to slow down when reviewing projects, instead of rushing headlong. As for treasury spending, honestly, it's more reliable than a "roadmap": where the money is spent, how long it takes to spend it, and whether it aligns with milestones. When I see those who shout about building big features but the treasury first allocates a huge chunk for consulting fees/marketing for themselves, I slow down my position a bit... Anyway, if they can't deliver in the end, it can all be reviewed on-chain.

Now I tend to draw a simple relationship diagram of the project team's wallet, market-making/multisig, and outsourcing payment addresses, to see if there's "action" in the fund flow before and after each milestone. Those who are genuinely working seriously, their expenditures tend to follow a rhythm: development, auditing, testing, launching—money goes out one by one, not suddenly emptied all at once.

By the way, recently, with the compliance conflicts around privacy coins/mixing, I also feel quite conflicted... Supporting privacy but also worried that projects might use "privacy narratives" as a shield. The more these times, the more I need to slow down, watch the money and progress, and not just listen to slogans. That's all for now.