Translating community governance posts until midnight, the more I read, the more I can tell which teams are working seriously: the treasury isn't afraid to spend money, but it fears spending without boundaries. No matter how beautiful the milestones are written, the real questions are "What is the verification method after the money is sent out, who will verify, and what if the verification fails?" These three questions are basically treating the treasury like a payroll.

Recently, new L1/L2 projects are aggressively incentivizing while pushing TVL, and it's normal for veteran users to complain about mining, claiming profits, and selling... In short, short-term good data doesn't mean the network is more decentralized. Truly dedicated projects will tie expenses to reusable infrastructure (clients, multiple implementations, audits, documentation, node cost subsidies), rather than constantly relying on subsidies to keep people in the pool. Anyway, when I look at proposals now, I first check the milestone acceptance criteria, then see if the funds are released in stages; if these two aren't specified, I consider it as not written.