I just opened and closed the project's "Treasury Expenditure Report"... It's not that I don't want to look, but looking too much makes it easy to be deceived by the word "milestone." Frankly, to judge whether the team is working seriously, I care more about two things: whether the money spent has corresponding verifiable outputs (such as code, deployment, audits, user data screenshots), and whether the milestones can be externally reproduced, rather than just a phrase like "ecosystem expansion/partnership promotion." Recently, everyone has been complaining about miner/validator income, MEV, and fair ordering, so I also check whether the project is investing money into these hard issues: like reducing sandwich attacks, publicizing ordering rules, or at least clarifying on-chain data. Without these, even a large treasury is like burning paper. Anyway, right now I see "market promotion" taking up most of the focus, so I keep my distance.