Is the treasury really "building" when it spends money? Anyway, I'll first tone down my excitement: observe whether the project team is serious or not, don't just listen to the milestone PPT, first focus on the treasury expenditure path—whether the money is being provided in small, regular installments according to schedule (for code, audits, milestones, operations), or if a large sum is sent to a few old addresses and then nothing happens. Also, see if they proactively clarify delays or cut features; the more they hide, the more suspicious I feel. Recently, everyone has been explaining market rises and falls with ETF capital flows and U.S. stock risk appetite, but honestly, that's just market sentiment. How the treasury spends is the project's own "heartbeat," and that's more reliable than hot searches.