Let me tell you—recently I’ve gotten so lazy about listening to project teams talk about their visions… I’d rather watch the treasury’s “expense ledger.” You basically can’t fool people with where the money goes, or whether the spending is consistent: fixed-cycle costs for development/auditing/operations look like a seasonal climate chart—steady and predictable. But if there’s suddenly a big outlay for things like “market cooperation” or “consulting fees,” and then the chain goes quiet, I get a bit suspicious.

As for milestones, honestly, it’s not about writing a few bullet points in a PPT. It’s whether you can see the corresponding traces on-chain: contract upgrades, permission tightening/convergence, and the activity levels in the data layer changing along with it. Recently, that mainstream public chain is about to upgrade/maintain, and in the group everyone’s guessing whether the ecosystem might migrate. I’m actually more interested in whether the treasury has already prepared a contingency budget—for example, cross-chain efforts, compatibility, and emergency resources. If they genuinely prepared it, then whether it migrates or not, at least they won’t be caught scrambling. That’s all for now—I’m also gradually matching it against what I’m seeing.