To see if the project team is serious about their work, I’m now basically ignoring the milestone PPTs. First, I’ll look at the treasury expenditures: where the money is spent, whether the pace is steady, and if there’s any “payroll” disguised as ecosystem incentives. Frankly, the expenses that are genuinely being used for work will increasingly resemble those of a product company: audits, development, infrastructure, user support taking a larger share; conversely, a bunch of marketing campaigns + KOLs + botting, no matter how pretty the milestone statements are, feels insincere. Recently, when blockchain games’ economies collapse, it’s basically the treasury prolonging inflation; once the studio withdraws, the token price drops and spirals out of control… it’s obvious at a glance. There are many tutorials, but I actually prefer those that clearly explain how the money flows, unlocks, and incentive rules, with fewer “visions” and more ledgers.