Lately, when checking if a project is really working, I prefer to look at the few transactions where the treasury spends money: what the money is spent on, and whether it matches the milestones they mention. Honestly, anyone can say "big update next month," but on-chain/accounts, there's always a long list of "consultant fees," "market collaborations," and so on, which is a bit uncomfortable... Of course, development will be slow too, but at least you should see the rhythm: small features implemented first, then iteration, then expanding the team.

The heated debate over NFT royalties also acts like a mirror: one side says they want to give creators a livelihood, while the other fears secondary market liquidity. The project treasury is the same—if you want to do long-term work, spending should be like building roads, not like pouring tea. Anyway, I’d rather miss the hot soup now than be the water in that pot. That’s all for now.