Recently reviewing the "Treasury Expenditure + Milestones" for projects, it feels much more tangible than just looking at PPTs.

Where is the money going: is it continuously boosting KOLs' visibility, or is it covering security audits, developer tools, customer service/operations—those dirty, tiring jobs;
Milestones are even more fanciful—can they match real on-chain interactions and retention? If checked, they’ll be exposed.
AI Agents and automated trading are more obvious—some projects see a surge in interactions, but it’s all script-based; the treasury is still aggressively spending on "narrative collaborations," basically throwing money to create hype.
Conversely, those who shift budgets to risk control, permission splitting, and gradually refine their contracts may not see immediate data growth but sleep more peacefully.
Right now, I mainly focus on two things: whether expenditures are increasingly like "product maintenance," and whether milestones can be reflected in on-chain actions…
As for which ones are truly dedicated, you guys can also discuss.