Just when I saw a project post a "Milestone Update" again, my first reaction wasn't to get excited about the hype, but to check their treasury expenditures: Are they spending money on development/audits/node operation that looks boring but actually works, or are they just throwing a bunch of collaborations, spaces, and KOL bombardments? To put it simply, teams that are actually doing work will have ledgers that seem dull but solid; those not serious about their work will always have colorful, flashy PPTs.

Recently, retail investors have been complaining about miner/validator income, MEV, and the fairness of transaction ordering, which I also feel strongly about: if the team truly cares about user experience, the milestones would at least mention "how to reduce front-running, how to make it more fair," instead of pretending not to hear. Anyway, when I see the treasury spending like they're throwing a concert, I automatically consider myself a potential bag-holder… better stay far away.