I judge whether the project team is working seriously not by how elaborate the PPTs are, but by how the treasury is spent—whether, after the money is spent, it can be matched to the milestones. Every time they talk about “ecosystem incentives” or “BD partnerships,” a large amount gets transferred out; two weeks later, another round comes through. The on-chain traces are pretty diligent, though—the results, well… for now, I’ll just make sure I keep a tight watch on contract permissions and the treasury’s multi-signature, so it doesn’t get emptied with a single click.

Recently in the group, the discussion about stablecoin regulation, reserve audits, and de-pegging rumors has started cycling through reposts again. Everyone’s emotions are like constant refresh/retry: if there’s a lag, people keep clicking like crazy, and the more they click, the more panicked they get. Put simply, projects with real confidence in themselves will have more restrained treasury spending: if an audit needs to be funded, fund it; if a delivery needs to be made, make it—no need to use “urgent announcements” as milestones. Anonymous + no locked-in positions, and the treasury gets spent recklessly—I’m especially quick to get a flare-up of allergies.