In the past, as a novice, I always thought "the more the treasury spends, the more serious they are," and I would get pretty excited seeing large expenditures, feeling like big things were happening. Now, I’ve become a bit more cautious: spending money isn’t hard, the hard part is spending it like you're hitting milestones — aligning with the roadmap, reviewing results, and after spending, at least some on-chain, product, or community metrics show changes. It’s not just about giving a fixed "consultant fee" or "market cooperation" every month and seeing nothing happen.

Recently, the staking unlocks and token unlock calendar have been discussed over and over, and I do feel anxious about the selling pressure, but I’d rather see how project teams use the treasury to hedge against these timing issues: for example, doing buybacks or liquidity arrangements in advance, delivering key versions on time, and shifting incentives from burning money to acquire users toward retention and real usage. To put it simply, projects that are serious about their work might find the treasury’s account a bit "boring," but the rhythm is steady; those that aren’t serious make the account look very lively, but people’s hearts are more anxious. Anyway, when I see large expenses now, I wait for them to do their homework before opening positions… I’m also afraid of being used as an ATM.