I think whether the project team is working seriously or not is most directly reflected in how the treasury funds are spent and how milestones are reconciled. To put it simply, it's not about whether they can make impressive promises, but whether there is something "verifiable" after spending the money: whether the code is released on time, whether the audit reports are up to date, whether bugs are being dragged out, and whether community issues are being responded to.

Recently, there has been a lot of heated discussion about the "yield stacking" of pledge and shared security systems. I actually want to see where the treasury funds are being allocated during this time: whether they continue to pour into marketing and incentives to pile up TVL, or whether the money is used for risk control, liquidation protection, and clarifying exit mechanisms. If the milestones are always "bigger scale next quarter," I’ll just assume they’re using the treasury to buy time… I’ve suffered losses from leverage, and what I fear most are promises that don’t specify exit rules. For now, I prefer to go slow but keep the accounts transparent.