I wonder if the project team is really doing things with sincerity—there’s nothing so mysterious about it. How the treasury funds are spent, and what milestones get delivered after that spending; as long as they line up, that’s enough. The most annoying are the ones who, on one hand, shout about “ecosystem support,” but on the other hand, funnel all their expenditures into “consulting fees/market cooperation,” and then after looping transfers on-chain, it all ends up back in their own people’s wallets… To put it plainly, they’re treating the treasury like a cash machine. Meanwhile, some teams are stingy with spending, but every single item can be tied to things like version updates, audits, and adjustments to the node incentive structure. Order book depth will slowly get thicker too, and the slippage will be noticeably better.

Recently, someone has been interpreting ETF capital flows, U.S. stock risk appetite, and the up-and-down moves of the crypto market together. I’m not saying there’s no connection, but don’t use macro as a cover-up. If the treasury gets spent in a mess, even a good market can’t hold it up.

Why did I get an itch to dig into all this? Honestly, I’m afraid of getting carried along by “narratives.” Once I see the excitement, I want to jump in. So I cool myself down first with spending and milestones, so I don’t end up being treated as liquidity. For now, that’s it.