When I evaluate whether a project is serious about its work, I don't look at the roadmap at first. I look at how the treasury spends money. Where the funds are sent, how they are split into different transactions, whether they keep transferring to the same new wallet... Basically, it's about checking the accounts: whether development, auditing, and operations expenses align with milestones, and whether there's a sense of "pay first, then slowly build." Recently, narratives like AI Agents and automated trading have been popular, but the more automated it gets, the more I worry about permissions being handed out randomly. Contracts with a bunch of approve, proxy contract upgrade rights still controlled by the project team—that's a red line for me. I need to be reminded: don't be fooled by the words "we are iterating." First, look at the flow of funds and permissions, then discuss the story.