I want to see how serious the project team is—but really, I don’t check the PPT milestones first. I check how the “treasury funds are spent.” To put it simply, the treasury is like the fuel tank of a convoy: the fuel is used for R&D and audits, and even if the vehicle moves slowly, it’s still moving; if all the fuel is taken to do co-branded campaigns, to “KOL” marketing, to hold meetings and book hotel stays… then it’s like slamming the accelerator while standing still—lots of noise, but no progress.

Don’t trust the milestones that are just stated out loud either. It’s best if they can line up with the payment cadence on-chain: for example, around the launch of a certain feature, are the spending for the security team/infrastructure continuous, rather than suddenly seeing a “mysterious service fee” right before the go-live? I also like to see how they react when they hit traffic jams (on-chain congestion, or arbitrage bots racing ahead): do they change the road signs (parameters/mechanisms), or do they just blast a loudspeaker and shout “ecosystem development”?

Recently, everyone has been comparing RWA and U.S. Treasury yield rates with on-chain yield products. I think it’s also like a highway’s “speed limit sign”: no matter how pretty the sign looks, the key is whether the actual braking system is there. Returns aren’t destiny—at most, they’re probabilities. The more transparent the treasury spending and the more verifiable the milestones are, the lower the chance of accidents on that road. Anyway, I’d rather watch them fix the road than join the crowd and go racing.