Just finished reading a few projects’ treasury expenditure reports, and I have some thoughts. Some teams really spend without restraint—always talking about “ecosystem development” and “strategic partnerships,” but when you look at the on-chain transaction volume, it feels like they’re just messing around. When it comes to milestones, the worst kind is “we completed the upgrade of the XX protocol,” and then there’s no follow-up—no contract address even provided. Recently, RWA and on-chain yield products have been compared to U.S. Treasuries. My mom asked me yesterday, “Son, are those government bond interests more stable than what you guys do in crypto?” I told her, “Mom, the U.S. bond ETF you’re buying—at least you don’t have to worry about whether the project team will blow through the treasury buying yachts.” That said, the ones that can keep pouring money into R&D, launch testnets, and update progress on a regular schedule—those are the ones that are really getting things done.