Recently, I’ve been looking at treasury spending disclosed by a few project teams, and some are really spending like water—consulting fees, marketing budgets piled up, but the milestones are all “whitepaper v2” type of fluff. To be blunt, I’d rather see what they actually did: for example, how much on-chain data growth they achieved, whether GitHub commits are really work, and how much value the protocol has actually locked. Rate-cut expectations swing back and forth, and the US dollar index moves in step with risk assets—under these macro conditions, blindly burning money to pump the price is actually more dangerous. In any case, I trust teams that control costs better now; at least they’re less likely to suddenly say “we’re out of money” and run.