Recently reviewing project updates, I actually find myself more focused on how the treasury spends money—not whether it spends less, but whether it spends it “the right way.” Developer subsidies, audits, infrastructure—these usually line up with the milestones. What I fear most is the kind that talks about building while pushing large “ecosystem collaborations,” yet there’s little going on on-chain, and the community can’t get concrete deliverables out of them.

How do I tell whether they’re serious or not?
After the money is spent, check whether they leave anything trackable: PRs, testnets, version iterations, and the cadence of feedback on governance proposals.

In the past couple of days, the funding rate has been discussed pretty extremely again—whether it will reverse or whether they’ll keep squeezing the bubble… For my part, I won’t guess the direction yet. I’d rather, during the noisiest moment of emotion, see who is still turning in their assignments on time. Every rise and fall is a lesson; milestones and treasury records are the notes.