I'm now more focused on whether the project is "getting work done" rather than how they draw their roadmaps. Mainly, I watch how the treasury funds are spent, and whether there are corresponding milestones after the money is spent. It's not that spending less is always better, but when they keep shouting about long-termism while the treasury consistently allocates large monthly "ecosystem partnership/consulting fees," and those funds keep circulating on-chain ending up at a few familiar addresses, I get a bit wary: this feels more like nurturing a narrative rather than building a product.

I prefer the approach where the spending rhythm matches the delivery, such as first launching key features or completing security audits, then increasing the budget for growth once TVL arrives; or even seeing investments in development, bug bounties, and infrastructure within the spending, with reasonable proportions. Modularization and DA are exciting for developers lately, but users are often confused... To put it plainly, no matter how good the storytelling, it ultimately comes down to whether "spending money makes the protocol more stable, more user-friendly, and better at retaining cash flow." Anyway, I just use these small indicators to give myself some sense of security.