I just reviewed the treasury reports and milestone documents for several projects again, and the more I look at it, the more I feel that whether or not work is being done is actually hidden in the way money is spent.

All the funds are spent on long-term reusable things (code audits, infrastructure, ongoing developer support), and each expenditure can be linked to a verifiable deliverable, which makes me feel more at ease;
Conversely, over half of the treasury expenses go to operations, KOLs, and events, and the milestones are written like wish lists, with adjustments made once the target date arrives…
Honestly, it’s just buying hype.
Recently, social mining and fan tokens—those “attention equals mining” schemes—have become popular again, but attention comes quickly and leaves just as fast.
If the treasury is just burning money based on emotions, even if the chain is lively, it’s all pretty虚 (hollow).
Anyway, when I look at projects now, I first check: whether the milestones can be externally verified, whether the budget has boundaries, and if there are explanations and reviews when delays occur;
everything else is just noise.