Lately, when I look at projects, am I serious about the work? I actually focus first on how the treasury is spent: which chain the money comes from, which multi-signature wallet it goes out from, who receives it, whether the frequency is stable, and if it matches the milestones. I'm most afraid of those who say "a lot of progress this month" but only show a large transfer on the chain, then the community starts interpreting it as smart money... To put it simply, a transfer is just a transfer; delivery is delivery—two different things.

I personally use a rough method: categorize treasury expenditures into "R&D / Audit / Operations / Incentives," and see if there are ongoing small payments (like payroll or audit final payments), and whether there are corresponding expenditure changes before and after milestones. Random spending, a sudden all-in move, or no activity at all all seem off.

I don't need to be understood either. I just trust this slow but reconcilable approach more. The lively interpretations are just for listening; for now, let's leave it at that.