I'm now checking whether a project is serious or not, without listening to the roadshow first, just reviewing the treasury expenditures. Where the money is spent is hard to hide: development/auditing/infrastructure are "backup redundancies," so even if they take a detour, there will be traces; the most concerning are a bunch of market collaborations, KOLs, and user acquisition activities, with milestones written like a wishlist, and when the chain route slips, it exposes the truth, and the pool behaviors are also strange.

Milestones, to put it simply, are two steps: whether there are verifiable deliverables (contracts, versions, data), and whether there is ongoing maintenance after delivery (small fixes are the most genuine). Recently, the inflation + studio + token price spiral in blockchain games can also be seen from the treasury: money is all spent on subsidies and buying users, with no "backup" in the economic model, so when things go wrong, they can only tough it out... Anyway, I now prefer to see them slow down, but every expenditure should correspond to a tangible milestone.