I’m currently checking whether the project is really doing things seriously. Instead of looking too early at “how much is left in the treasury,” I care more about the rhythm and the reasons behind its spending. For example, can each expenditure line up with the previous milestone: when something needs to be delivered, what the delivery should be, and how to explain it if it isn’t achieved—don’t just wave it off with “ecosystem development.” Also, is there a way to recoup the spending—once the money is spent, can it leave behind something that can be used long-term, rather than just creating a short-lived buzz.

Recently, whenever a new L1/L2 incentive drops, TVL jumps. Long-time users complain about “挖/提/卖” (mine, then pull it out, then sell)—and I can understand that too… once the money is thrown in, the data looks good. But if the milestones only ever write “TVL growth,” then it’s probably just buying the short-term feel. Put simply, treasury spending is like bridge maintenance fees—are you fixing the load-bearing structure, or just repainting it? After taking a couple of passes, you’ll know.