I opened the project’s treasury report for the third time, and I still couldn’t find out exactly what they did with the money. I read a governance proposal yesterday—it was beautifully written, but when you boil it down it’s basically: “We partnered with XX, and we got ourselves listed on XX.” Those are more like milestones, and honestly they feel pretty hollow. What I’d rather see is whether they’ve truly built the key modules from their previous roadmap, instead of constantly saying they’re “preparing to go live.” Lately, the anxiety around staking unlocks and the token unlock calendar is being pushed around a lot, and I actually feel like what’s more worth watching is whether the team is doing real work—not those unlock numbers. Anyway, I’m the kind of person who adds gradually. First, I’ll review the expense breakdowns from their past few quarters to see whether the money actually flowed to development, audits, and community governance, rather than just funding a bunch of KOLs.