I'm currently not very convinced by the "roadmap" approach in projects; instead, I pay more attention to how the treasury spends money: where the money is spent and whether the spending is coherent. For example, a period of heavy investment in marketing, KOLs, and events, then no activity after a couple of weeks, with on-chain transfers still quite regular... Basically, it seems more like maintaining hype rather than pushing milestones. Conversely, expenses on development, security, and audits may not be glamorous, but they tend to be "slow and steady," and involve less frequent movement of funds back and forth.

The recent inflation + studio + token price spiral in blockchain games can also be seen from the treasury's perspective: daily liquidity and reward replenishments, as if trying to keep a leaky bucket afloat. Anyway, I’d rather miss out than get dragged into projects where the "treasury is burning," so I prefer to observe for a while first.