Today I flipped through a project’s treasury spending, and suddenly felt a bit scared… Earlier, I almost went for it a couple more times based on the testnet incentives and my expectations, and I was even in the group guessing whether the mainnet would issue tokens. But when I checked the ledger, the money was spent quite “lively”: there were a bunch of operational transfers, while the costs actually tied to milestones for development/auditing/nodes were surprisingly small—and the timing didn’t line up either.

Now I judge whether a project is actually doing serious work by watching two things: whether the funds are spent according to the promised phases (audit when it’s time to audit, launch when it’s time to go live), and whether the milestones can be verified by outsiders (code updates, testnet stability, documentation, and bug feedback gets replied to by someone). To put it bluntly, the treasury isn’t off-limits for spending—but don’t just paint big promises while scraping the bottom clean… Anyway, I’ll withdraw the funds first and park them on a cheap chain for now; saving on gas fees feels pretty good too.