I took a quick look at the treasury expenditure reports of a few projects and found them pretty interesting. Some teams spend money like they’re doing charity—the flow of funds is vague. Others match every single expenditure to milestones, and you can even find out which developer did what work.

Lately, the AI Agent narrative has been hot—automatic trading and on-chain interactions are being talked up to the skies. But honestly, what I care about more is how teams manage money. No matter how loudly you hype it, if treasury funds are spent chaotically, the project will run into trouble sooner or later. Take established projects like TLM and YGG—back then they were also hot. Looking back, whether their treasury expenditures were transparent at the time directly determines whether their later development is solid.

Anyway, my strategy is: first look at the project’s financial reports and compare them with milestone progress. Where the money goes matters more than whatever story you tell. That’s it for now—I’m going to check APR.