I’m now checking whether the project is actually working; at first glance, it’s not the PPT, but how the treasury spends money. Who signs out the most, who the money is spent on, how many transactions, whether the timing matches milestones—basically, people doing the work will spend money in a “rhythmic” way, not suddenly sending a large sum to an unfamiliar address and just saying “partner.”

A more detailed look would involve reviewing their deliverables: code updates, audit follow-ups, testnet data, bug fix records—slow is okay, as long as the path is clear.

Recently, the community has been arguing again about privacy coins/mixing and their compliance boundaries. I’m actually more concerned about the project team’s attitude on these sensitive points: whether they clearly communicate the risks, tighten permissions, or if they’re shouting privacy while making treasury transactions look like a fog.
Anyway, I’d rather hold a smaller position than blindly follow “unintelligible expenses.”