Lately, when looking at projects, am I seriously working? I'm actually more interested in how they are spending their treasury funds. It's not about how much they spend, but whether the spending "looks like it's advancing milestones": for example, prioritizing audits/security budgets, having a steady rhythm for developer incentives, and marketing not just a one-off blast with no follow-up. The worst are those with beautifully written milestones, but the money keeps circling in "consultant fees/operational expenses," which basically means you can't see what the output corresponds to.

Recently, some regions have tightened taxes and compliance, and the expectations for deposits and withdrawals have become more cautious. I'm also more concerned about how long the project’s cash flow can sustain itself: during a downturn, whether the treasury is still willing to continue delivering according to plan. This can really filter out a bunch of "showy teams." Staring at these figures for too long makes my eyes sore and my neck a bit stiff… For now, that's it. Tomorrow, I’ll review the spending rhythm of several treasuries again.