Before, I used to think projects were just "doing work," always staring at roadmaps and shouting on Twitter.

Later, I was educated by the congestion/accidents during the bridge phases: if you really want to see whether someone is serious or not, you still have to look at how the treasury funds are spent and how milestones are delivered.

Now I roll my eyes at expenses: where did the money go?
Is it ongoing payments for audits, patches, running testnets—those "boring but life-saving" tasks—or a bunch of market collaborations, sponsorships for conferences, KOLs...
Honestly, the latter isn't impossible to spend, but if the proportion is too outrageous, it makes me uneasy.
Milestones are the same—don't just write "Q3 launch of xxx," make sure it matches on-chain actions, code commits, rollbacks; delays are okay as long as there's a clear explanation.
The worst is those who keep dragging things out and pretend nothing's wrong.

Recently, the hype around staking and shared security with "yield stacking" has been intense.
I just take it more seriously: if you want to stack gains, first clarify the security boundaries.
The treasury shouldn't be used as a patch to plug holes and firefight.
Staying up late waiting for confirmations isn't about sentimentality; it's because I don't want to wake up the next day to see "withdrawals paused."
That's all for now.