Recently, I was reviewing chats with a few friends about getting "rugged again," and I realized everyone is obsessing over unlocking calendars and anxiety about selling pressure, but actually, we should be paying more attention to where the treasury funds are going. To put it simply, projects that are serious about their work tend to have expenses that look "unsightly": development, audits, infrastructure, business development, events—all of these are continuous and align with milestones; whereas projects that aren't serious, whenever their wallet moves, it's just a bunch of "consultant fees/marketing expenses," and their milestones are always "about to go live…".

My current habit is: every time I see a project update, I casually check its expenditure trajectory against the promised progress. If it doesn't match, I treat it as mental health—reduce your position first, don’t replace receipts with faith. I don’t know if unlocking will go up or down, but whether the money is spent like they’re actually doing work—on-chain, it’s usually pretty honest.