When I see a certain project release a "milestone update," I immediately go check the treasury wallet on the chain... To put it simply, I’m now looking at whether the team is serious; I don’t really trust PPTs, I want to see where the money is going. The main funds are long-term allocated to R&D, audits, and infrastructure nodes, and this kind of spending at least looks like work; conversely, every time there's an "ecosystem incentive," the treasury just dumps funds into market-making, referral programs, or short-term subsidies, and suddenly there are a bunch of new wallets moving funds back and forth on the chain, basically aiming for a high TVL.

Recently, new L1/L2 projects are issuing incentives, and veteran users complain "mining, selling," which is not unjustified: if the treasury's expenses only involve distributing money, then milestones easily turn into "the next round of sugar rewards." My own simple rule is pretty straightforward: observe whether the spending rhythm is stable, whether individual transactions are reasonable, and whether the recipients can be explained; for those that can't be explained, I’d rather miss out than act impulsively. That’s how I do it for now.