The third time I fund the national treasury project, I still have this problem: I don't look at their stated vision, I first look at how the money is spent. If the milestones are truly progressing, there will be a rhythm to on-chain expenses—development, audits, infrastructure costs will be ongoing, and the amounts will be relatively stable; conversely, if a large sum suddenly goes to a new address with an unreadable note, I’ll have a question mark in my mind.

Recently, cross-chain bridges have been hacked again, and when those abnormal quote prices from oracles appear, everyone is "waiting for confirmation," which basically means we're becoming more sensitive to on-chain signals. Project teams need to do things seriously; in fact, they shouldn't let people rely on guesswork: the flow of funds, interactions corresponding to milestones, actions before and after contract upgrades—if these match up, I’ll feel more at ease... I have this obsessive-compulsive tendency to lay out a timeline in one diagram; if I can't straighten it out, I just won't touch it for now, forget it.