I just came across a project’s treasury report from last year. The spending was so detailed—it even listed the money for buying coffee. At the time, I thought it was pretty transparent, but when I think about it now, it’s kind of ridiculous. A few months later, the team simply swapped out a whole bunch of people and deleted the entire previous roadmap. Now, when I consider whether the project team is genuinely doing things, I actually check first how they link their unlocking calendar to milestones—if they release lots of positive announcements before the unlock nodes, but the delivered code is nowhere to be seen, then you need to keep an eye on it. Recently, there’s anxiety about staking unlocks being discussed everywhere, but if you put it plainly, the sell pressure itself isn’t what’s scary—the scary part is that even the team itself doesn’t seem to know what they’re supposed to do with the money. Anyway, I trust on-chain data more now, like the treasury address’s transfer frequency and usage, because it’s far more reliable than the commitments in the whitepaper.