Lately, whether a project is working seriously or not, I’m more focused on the treasury expenditures… Where the money is spent is more honest than what’s written in the roadmap. Others think “hitting a milestone = taking off,” but in reality, many are just pushing the progress bar to full while the permissions still stay with a multi-signature holder, and the upgrade logic is a mess.

I usually just glance at a few things: whether the expenses match the deliverables (audits, development, infrastructure), or if they’re long-term “consulting/marketing fees” lumped together; whether there are verifiable items for milestones (contract addresses, PRs, reproducible changes), or if it’s just PPT slides. And then there are those who say decentralization but the treasury can change rules or issue new tokens at any time—basically, you’re just providing it with volatility.

Recently, everyone’s talking about rate cut expectations, the dollar index, and risk assets acting up together. I’m too lazy to guess macro trends. Anyway, the more emotional the market gets, the more you should avoid reckless approvals and not be fooled by the phrase “the treasury is well-funded.” That’s all for now.