I'm now looking at whether the project is taking things seriously, or if I should first review the treasury expenditures: where the money is spent, and whether there's a sense of rhythm in the spending. The worst are those where "large monthly expenses are made, but the milestones are always on the way," with beautiful reports, but on-chain transfers that don't show corresponding deliverables.

A plus is: before and after each large expenditure, there are clear milestone nodes (for example, starting with small tests, renewing upon expiration, releasing funds only after meeting standards), which structurally makes sense. Also, the person spending the money shouldn't be too layered; if the money keeps changing hands, I start to suspect they're creating buffers for themselves.

Recently, everyone has been focusing on the pressure from pledge unlocks and unlock calendars, but honestly, we should pay more attention to the treasury: unlocks are about timing, but how the money is spent reflects people's intentions. If even the money is spent without boundaries, I wouldn't dare to touch whether or not to unlock.