I see the project is working on something, anyway I won't look at the PPT first, I'll look at the treasury's spending rhythm and whether the "milestones" are aligned—no one dares to match them. I'm most afraid of those who pop champagne after a batch of budgets, and two months later the milestone turns into "community consensus has been reached"... Basically, it means no delivery. Those who take their work seriously will break down expenses more finely, and acceptance points will be specific enough to be criticized: code, audits, deployment, user data, even if delayed, they will explain clearly, not just say "market environment."

Recently, everyone was complaining about validator income, MEV, and fair ordering, but I'm even more concerned about whether the treasury has money to throw at these dirty and tiring jobs: like changing mechanisms, building monitoring, subsidizing public RPCs—don't always let retail investors bear the emotional cost of "being cut in line."

Once I saw a DAO vote where the budget was written in extravagant language, but the milestone was only "completing ecosystem cooperation." I didn't understand it at first and didn't act... Later, it indeed caused a fuss and turned the page, and finally they rephrased it as a "more clear version." Sometimes staying quiet has its benefits—less tuition paid.