I just came across a project team’s quarterly report, and honestly, I really like reading their treasury expenditure breakdowns. Some projects spell things out line by line very clearly—for example, “In Q3, they paid salaries for 5 core developers and deployed 3 smart contract audits.” I actually find that more trustworthy. To put it plainly: if they’re willing to lay out the books for you to see, it at least shows the team is on top of things—not the kind of style where they throw money around today and disappear tomorrow.

I’ve also looked into the recent back-and-forth about NFT royalties. Basically, it’s the project teams and the trading platforms competing for the “meat.” Creators’ income gets squeezed, and liquidity in the secondary market is also weak. At a time like this, if the project team still uses treasury funds to do flashy marketing instead of iterating the product in a solid, step-by-step way, then I think there’s at least a problem. As for me, when I track projects, I’ll occasionally check their GitHub commit history to see whether the milestones are truly being delivered—not just promises and hype.

That’s it for now. I don’t know if I’m just being too picky. Anyway, in a bull market, there’s all kinds of people—so it’s more reliable to keep an eye on on-chain data.