I just talked with my friend about the project team’s treasury spending—it’s pretty interesting. He said he’s recently been watching a few older projects and found that some teams spend extravagantly: they’ll put on an offline event worth “tens of thousands” out of nowhere, but on-chain actual progress hasn’t updated a single line of code for three months. I’m used to first checking their treasury multisig addresses to see what each transfer’s memo says—whether it’s for audits, development, or community incentives. If it’s all “operating expenses” or “marketing partnerships,” then you basically know what’s going on.

Haven’t some places also been increasing taxes and tightening compliance requirements lately? A few people around me who are moving funds in and out have started being more cautious too. In this situation, if the project team still wastes money carelessly, it really raises doubts. My friend said something that really stuck with me: seeing how the project team spends money is more concrete than reading the whitepaper. I think so too—milestones aren’t just something the community shouts into existence. On-chain data is right there in black and white, and you can’t fool people.