I just came across a project’s treasury spending breakdown, and my heart sank. You can say the team is doing serious work, and it’s not about how many milestones they shout—really, it’s about where the money is being spent. For example, some teams throw a few million U into marketing, but developer salaries are only in the tens of thousands; Twitter has interactions, but on-chain data is lukewarm. That’s the kind I always stay rational and avoid. On the other hand, if a project quietly uses the treasury to buy liquidity and fund user incentives—even if TVL drops, but active accounts are increasing—then I feel more at ease.

When I skim the unlock calendar recently, everyone seems worried about sell pressure, but I end up looking more closely at those “spending slowly” projects—how much is left if the treasury has been running for half a year, and whether they’re holding onto ammo waiting for opportunities. Honestly, I say “don’t touch it” out loud, but my hand still opens the wallet and adds a little. Anyway, the mindset is: pessimism is one thing, but if the logic is right, I’ll go in.