I just reviewed a few projects’ treasury spending and milestones, and it really gives me pause.

For some projects, the on-chain spending and the roadmap timeline line up. You can clearly see where the money went and what step they’ve reached. It’s like you’ve got a backup plan—clear thinking and fewer loopholes.

But for others, it’s like… first they issue a token, and then you find that a big chunk of the budget in the treasury was already spent off months ago, yet the direction is still stuck in “exploring.” Social mining and fan tokens—put simply, that’s just an attention bubble. No matter how loudly they hype it, in the end it still comes down to whether the team is truly building anything.

So what’s my approach? I focus on those “backup”-type projects. I’m not saying you have to give a tutorial—it’s that you need a redundant way of thinking: you should be able to put the money to practical use while also clearly laying out the milestones. Otherwise, burning money without doing anything is no different from holding a mirror copy and shouting, “I’m here.”