After a night run, I check the blockchain, and the most tempting thing to make my hands itch is seeing actions like "the treasury is sending money again"… I always feel psychologically that it’s either a big event coming up or they’re starting to mess around, so I can’t help but take a peek.

Now I judge whether the project team is serious or not, I don’t pay much attention to their stated milestones, I look at how the money is spent first: whether it’s disbursed in batches, following clear delivery milestones, or if it’s transferred all at once and then goes into several intermediate addresses with no further updates. Another small point is whether the treasury address continues to hold funds as operational ammunition rather than spending more and more to become “lighter.”

Recently, some people have been complaining that on-chain data tools/label systems are lagging or even misleading, and I agree a bit, so I treat labels as “clues,” not conclusions. I prefer to look at multiple real transfer paths. To put it simply, watching the treasury’s expenses is like watching someone spend money—if they do it methodically and it matches the progress, it’s like they’re working; if they do it mysteriously and run faster than me, I’ll just consider it passing by.