When it comes to spending from the treasury, it boils down to two things: where the money is spent, and whether they dare to show you how much was spent.

Some projects have milestones that sound fantastic, but when you click in, they're all about "ecosystem development" and "strategic cooperation." What exactly did they do? No idea. I usually just skip these. On the flip side, if you can see quarterly reports, development progress, or even how much each audit fee cost—even if the numbers are ugly—it at least shows they care about face and aren't planning to run away.

Recently, the whole mess with cross-chain bridges and oracles is essentially a matter of "confirmation." On-chain data can't be faked, but how people interpret it and how quickly they react all depends on whether the team usually takes emergency procedures seriously. After an incident, those who post "under investigation" and stall for three days, versus those who switch to a backup oracle source within two hours—guess who has actually practiced?

When I look at projects now, I first check the spending frequency of their treasury address. Too regular, and it looks like payroll; too chaotic, and it looks like money laundering. Occasionally there are large amounts but with multi-signature voting records attached, which actually makes me feel more at ease. Anyway, this industry has had many forks, and those still alive today all have a bit of an "audited" vibe to them.